Industry at a Glance
Oil prices were stable in October, on a m-o-m basis. But futures rallied late in the month, when OPEC+ indicated that they would delay a 2-MMbopd increase, planned for January. A rise in the Chinese import quota also sparked a buying spree, with traders hoarding crude in preparation for the higher allowance. However, uncertainty surrounding the U.S. Presidential election, which could reshape U.S. energy policy and delay fiscal stimulus, limited additional gains. U.S. drilling activity continued to recover, averaging 280 units in October, a 15% gain compared to the all-time low of 244 rigs reported on Aug. 14. The majority of the increase was registered in Texas, which added 14 rigs, to average 122 in October. International activity averaged 762 rigs in September, just 38 fewer than reported in August, but 40% less than the year-ago figure of 1,263.