U.S. Onshore Drops 6 Rigs; WTI Stable Week-on-Week

U.S. Onshore Drops 6 Rigs; WTI Stable Week-on-Week

15th May 2015

The Baker Hughes U.S. onshore rig count decline continued this week, dropping 6 rigs compared to drops of 11 and 27 for the prior two weeks.  The rig count has now declined by 1022 (55%) from a November 2014 high of 1,876, to 854 on 15 May 2015.  Rigs active in the Gulf of Mexico remained stable week-on-week at a total of 33 (21 oil focused and 12 gas focused).  U.S. crude remained stable week-on-week at approximately US$ 59.30/bbl.  The recent crude price rally appears to have come to a halt as rig count decline pace has slowed over the past several weeks and IEA forecasts released this week on demand growth have disappointed.     



 

Authors

U.S. Onshore Drops 6 Rigs; WTI Stable Week-on-Week

Neil Abdalla

Senior Professional, Geoscientist - neil.abdalla@gaffney-cline.com

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