Over the past month oil prices have been on a bit of a roller coaster. On March 23rd, WTI closed at $57.76. Since then, prices hit a high of $63.46 on April 15th. On April 21st WTI closed at $61.35.
The April 16th Baker Hughes rig count report shows 439 active drilling rigs in the US. One year ago, the total active rig count was 529. The oil rig count is 344 rigs. Oil rigs are down 94 from April 2020. The gas rig count is 94, down 5 rigs compared to the April 2020 count.
*Data from April 16, 2021, Baker Hughes Report.
|Bakken Region Total: 15
North Dakota: 15
|Rocky Mountain Total: 83
New Mexico: 70
|Central Plains Total: 21
|Gulf States Total: 47
Louisiana North: 34
Louisiana South (land & offshore): 13
|Texas Total: 212
District 1: 14
District 2: 15
District 3: 4
District 4: 5
District 5: 1
District 6: 15
District 7B: 1
District 7C: 19
District 8: 130
District 8A: 7
District 9: 0
District 10: 1
|Appalachian Total: 39
West Virginia: 11
In the major plays, the Permian Basin rig count is at 227 rigs, up 11 rigs from March.
In east Texas, the Eagle Ford shale is at 33 active rigs, up one from last month.
The Haynesville shale rig count is at 45 rigs, the same as one month ago.
The Anadarko rig count is 21, up five rigs from March.
In the Rockies, the active rig count in the Niobrara Shale is 14 rigs, one more rig then the March count.
The Bakken Shale rig count is 15 rigs, up two from March.
The Appalachian has 39 active rigs, which is the same as the March count.
The Energy Information Administration published their most recent Short-Term Energy Outlook on April 6th. In the report, the EIA states increased global consumption and falling inventories will balance out the oil market. The report states an expectation of OPEC production increases beginning May 1st. Despite this, the EIA is predicting crude prices will remain above $55.00 in the near future.
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