U.S. Onshore Rig Count Drops 27; Crude Prices Hit 2015 High

U.S. Onshore Rig Count Drops 27; Crude Prices Hit 2015 High

1st May 2015

The Baker Hughes U.S. onshore rig count decline continued this week, dropping 27 rigs compared to drops of 23 and 34 for the prior two weeks.  The rig count has now declined by 1005 (54%) from a November 2014 high of 1,876, to 871 on 1 May 2015.  Rigs active in the Gulf of Mexico remained constant week-on-week at a total of 34 (26 oil focused and 8 gas focused).  U.S. crude posted significant price gains this week, with WTI closing at US$ 58.75  for the week vs. US$ 57.30 last week.  Crude prices are now at their 2015 highs. 

Authors

U.S. Onshore Rig Count Drops 27; Crude Prices Hit 2015 High

Neil Abdalla

Senior Professional, Geoscientist - neil.abdalla@gaffney-cline.com
U.S. Onshore Rig Count Drops 27; Crude Prices Hit 2015 High

Cecilia Jing Cui

Consultant, Petroleum Economist - cecilia.cui@gaffney-cline.com

Signup to receive our latest articles

We're here to help