Today’s Energy Minute brought to you by Commissioner Ryan Sitton of the Texas Railroad Commission:
The United States had 1,067 drilling rigs running last week, dropping down one from the prior week.
Texas had 533 of those rigs, dropping four from the prior week.
The State of Texas issued 355 drilling permits last week – that brought the 10 week rolling average up to 312.
Natural gas prices climbed $0.06 and averaged $3.24 per mnbtu last week and WTI prices lost $2.35 to average $65.04 per barrel.
The global economic slowdown and stock market drop cast fears of slowing demand while the U.S., OPEC and Russia have boosted production to record levels.
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