May 2014
News & Resources
Industry at a glance
Industry at a glance
Despite rising tensions in Europe, brought on by the Russia-Ukraine crisis, crude oil prices remained mostly stable, tempered by falling spring demand. All exchanges were trading in a closer range, with West Texas Intermediate averaging just over $100/bbl in March (only $7 behind Brent Blend). Meanwhile, the weather-related spike in natural gas on the Henry Hub settled back below $5/MMBtu. World oil supplies rose by about 1.1 MMbpd, despite sagging output from the OPEC countries, as the shortfall was countered by rising production outside of OPEC. Seasonal changes in Canadian drilling sent the international rig count plummeting, while the U.S. count rose. |
About the Authors
Henry Terrell
Contributing Editor
Henry Terrell henry.terrell@gulfpub.com