Energy Minute – 10/15/2018

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bigstock Oil Pumps At Dusk 119953880
bigstock Oil Pumps At Dusk 119953880

Today’s Energy Minute brought to you by Commissioner Ryan Sitton of the Texas Railroad Commission:

Energy Minute – October 15th, 2018

Here's your Energy Minute for Monday, October 15th, 2018 – brought to you by Commissioner Ryan Sitton of the Railroad Commission of Texas.Learn more about oil, gas and business at www.shalemag.com.

Posted by In the Oil Patch Radio Show on Monday, October 15, 2018

 

The United States added 11 rigs last week and had 1,063 running in total. The state of Texas had 532 of those rigs, which was an increase of eight over the prior week. The Texas Railroad Commission issued 231 drilling permits last week which was one of the lowest weeks this year, dropping the 10 week rolling average to 303.

Oil prices dropped sharply last week due to an uptick in oil production from both OPEC and Russia. At the same time, there were signs that the global economy may be slowing. Natural gas continued its rise last week due to low U.S. inventories. WTI averaged $72.80 per barrel last week, and natural gas averaged $3.25 per mcf.

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