Industry at a Glance
Crude prices rose in October despite concerns that demand in virus-hit China could slip, and looming European sanctions would further restrict Russian supply. WTI increased 4%, rising to $87.55/bbl, with Brent trading at $93.33/bbl, up 4% compared to September. Supply from the U.S. and Saudi Arabia remained relatively consistent, but it appears output from Russia declined 8%, down to 9.9 MMbopd in October. The price increase helped drive the U.S. rig count up to 768 units in October, six more than reported in September. Texas gained five rigs to average 366, with a three-rig increase in District 8, while West Virginia added four to 17. International activity averaged 1,090 rigs in September, 29 more than were running in August. The increase was attributed mainly to an 11-rig gain offshore Asia-Pac and an increase of 10 in Canada.
