October 2021
Resources

Industry at a Glance

Craig Fleming / World Oil

Crude prices rallied in September, as coal and natural gas shortages coincided with rebounding demand from economies recovering from the pandemic. Prices for WTI ($72/bbl) and Brent ($75/bbl) were up 5.8% and 5.3%, respectively. Despite consistently higher oil prices over the last several months, U.S. shale drillers continued to show restraint, limiting activity in favor of working down the DUC backlog. In September, there were 5,385 DUC wells in the U.S., 29% fewer than the year-ago tally of 7,592. U.S. drilling activity increased slightly, with an average 508 rigs working in September, five more than in August. The largest gain was in Texas, which experienced an increase of six rigs to average 237 in September. International activity averaged 933 rigs in August, 37 more than in July.

 

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Craig Fleming
World Oil
Craig Fleming Craig.Fleming@WorldOil.com
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