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.
- 08 May 2015 - U.S. Onshore Rig Count Drops 11; OPEC Barrels or U.S. Storage?
- 01 May 2015 - U.S. Onshore Rig Count Drops 27; Crude Prices Hit 2015 High
- 24 Apr 2015 - U.S. Onshore Drops 23 Rigs, GOM Up 1; Storage Builds at Gulf Coast
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