Today’s Energy Minute brought to you by Commissioner Ryan Sitton of the Texas Railroad Commission:
The U.S. added one drilling rig last week with 1,068 oil rigs in operation. Texas oil rig count dropped three with 537 running last week.
The Texas Railroad Commission issued 371 drilling permits last week which brought its 10-week rolling average up to 298.
As markets have absorbed the drop in natural gas inventories (those prices dropped by $0.07 to average $3.18 in Mscf last week) and as OPEC signaled that it will produce whatever oil is necessary to cover other market losses, WTI prices lost nearly $3.00 dropping to their lowest point in over two months averaging $67.39 per barrel last week.
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