US: Oil drilling falls for the first time since January – Standard Chartered
|There has been a loss of impetus in US oil drilling statistics over the past six weeks, particularly in Texas as the US oil rig count fell two to 756 rigs, the first fall since the week of 13 January, notes the analysis team at Standard Chartered.
Key Quotes
“The only state in which oil drilling rose w/w was Texas, with an increase of two to 424 rigs, leaving activity unchanged from six weeks ago, while single oil-rig decreases were recorded in Alaska, Colorado, Louisiana and Oklahoma.”
“A single week’s decrease in US oil drilling is not enough to set a pattern; however, we think the stalling in the national total does seem to confirm that the flattening out of Texas activity since mid-May is likely to spread elsewhere. Together with the downward revision in April output, the levelling off in rig counts provides further evidence of a significant response in the US oil industry to lower prices during Q2.”
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