26th June 2015
The Baker Hughes US onshore rig count gained 1 this week, bringing the total number of active rigs to 831, compared to no change last week. However, across the three major unconventional oil basins, 6 rigs were dropped, with the Eagle Ford down 1, Permian down 2, and Williston down 3 week-on-week. These rig count drops were offset by slight gains in the Haynesville, Marcellus, and Cana Woodford basins, and conventional-focused rigs added in Louisiana. It also should be noted that rig activity over the past week included the dropping of 8 horizontal rigs, but gains of 7 vertical and 2 directional rigs. The rig count has now declined by 1,048 (56%) from a November 2014 high of 1,876 to 831 on 26 June 2015.
19 Jun 2015 - U.S. Onshore Rig Count Remains Flat; Crude Storage Drawdown Continues Trend for Seventh Week
12 Jun 2015 - U.S. Onshore Rig Count Drops 11; Crude Storage Drawdown Largest in 12 Months
05 Jun 2015 - U.S. Onshore Rig Count Drops 5; Eagle Ford Lays Down 7 Rigs
Rigs active in the Gulf of Mexico added 1 oil-focused rig this week, bringing the total to 28 (15 oil-focused and 12 gas-focused).
Intraweek crude price volatility continued with WTI starting off the week around US$59.70 per barrel, before rallying up to US$61.50 on Tuesday before the release of the EIA weekly storage estimate. This showed a drawdown of 4.9 million barrels of oil, bringing the total amount in storage to 463 million barrels of oil vs. the all-time high of 490 million barrels in April. However, by the end of the week, WTI prices had lost all weekly gains to close at US$59.28.
US refineries processed an average of 16.53 million barrels of crude oil per day, operating at 94% utilization. EIA data indicated that imports were down by 300,000 barrels per day, averaging about 6.8 million barrels per day, which was reflected in the large stock draw down this week at Cushing. Once imports return to normal levels, stock draw down should decease and slow the pace of reducing oil in storage.
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