The United States added four rigs to total 1,067 in operation by the end of last week. 540 of those rigs are in Texas, which added 8 from the prior week. The state of Texas issued 235 drilling permits last week which is 61 below the ten week rolling average of 296.
Natural gas prices stayed level last week – averaging $3.25 per mmbtu – but oil prices dropped $2.43 as WTI averaged $70.37 per barrel last week.
Since then, oil prices have hovered around $69 per barrel as investors weigh supply losses from Iran against speculation of reduced demand thanks to slowing economic growth.
Thank you for visiting our site and please be sure to sign up for our FREE biweekly newsletter.