U.S. Onshore Drops 34 Rigs, GOM Adds 1; Crude Prices Rally

17th April 2015

The Baker Hughes U.S. onshore rig count decline continued this week, dropping 34 rigs compared to drops of 42 and 17 for the prior two weeks. The rig count has now declined by 955 (51%) from a November 2014 high of 1,876, to 921 on 17 April 2015. Rigs active in the Gulf of Mexico gained 1 week-on-week bringing the total to 32 (24 oil focused and 8 gas focused). U.S. crude posted significant price gains this week, with WTI closing at US$ 56.12 for the week vs. US$ 51.26 last week (8.7% increase). WTI now sits at its highest price point of 2015.

Previous Weeks

10 Apr 2015 - U.S. Onshore Drops 42 Rigs, GOM Up 2; Storage Builds at Gulf Coast
02 Apr 2015 - Rig Count Decline Pace Continues to Slow: U.S. Production Decline Largest in Three Months
27 Mar 2015 - Rig Count Decline Pace Slows for Third Consecutive Week; Storage Additions Continue

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