Welcome to the July 2021 oil & gas activity report from TCI Business Capital.
Over the past month oil prices have been consistent in the $70 – $75 dollar range. On June 22nd, WTI closed at $73.06. Since then, prices have hit a low of $72.20 on July 6th, and a high of $75.25 on July 13th. From that high, prices have begun to decline and on July 19th, closed at $66.61.
The July 16th Baker Hughes rig count report shows 484 active drilling rigs in the US. One year ago, the total active rig count was 253. The oil rig count is 380 rigs. Oil rigs are up 200 from July 2020. The gas rig count is 104, up 33 rigs compared to the July 2020 count.
*Data from July 16, 2021, Baker Hughes Report.
|Bakken Region Total: 18
North Dakota: 18
|Rocky Mountain Total: 110
New Mexico: 75
|Central Plains Total: 29
|Gulf States Total: 54
Louisiana North: 36
Louisiana South (land & offshore): 18
|Texas Total: 221
District 1: 12
District 2: 16
District 3: 4
District 4: 9
District 5: 0
District 6: 16
District 7B: 3
District 7C: 17
District 8: 139
District 8A: 4
District 9: 0
District 10: 1
|Appalachian Total: 38
West Virginia: 10
In the major plays, the Permian Basin rig count is at 238 rigs, up 1 rig from June.
In east Texas, the Eagle Ford shale is at 32 active rigs, the same count as last month.
The Haynesville shale rig count is at 49 rigs, which is the same number as the June count.
The Anadarko rig count is 29, up two rigs from June.
In the Rockies, the active rig count in the Niobrara Shale is 25 rigs; five more than in June.
The Bakken Shale rig count is 18 rigs, up one from June.
The Appalachian has 38 active rigs, which is one more than the June count.
The Energy Information Administration published the latest Short-Term Energy Outlook on July 7th. The report shows global oil consumption is still lower than 2019 levels, and global fuel inventories continue to fall at a slow pace. The EIA predicts retail gasoline prices to average $2.92 a gallon for the remainder of 2021.
For more detailed news and information on the oil industry please visit our oilfield news and information page.
TCI Business Capital is a leading provider of accounts receivable factoring for oilfield service companies. Factoring is a type of financing many companies use to get immediate cash for their open receivables.