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Posted January 26, 2015Today in Energy

Lower 48 oil production outlook stable despite expected near-term reduction in rig count ›

The sharp decline in oil prices over the last quarter of 2014, which has continued in January, is already having a significant effect on drilling activity in the United States, as shown by the 16% decline in the number of active onshore drilling rigs in the Lower 48 states between the weeks ending on October 31, 2014 and January 23, 2015. More


Source: EIA, January Short-Term Energy Outlook

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Data Highlights

WTI crude oil futures price

1/23/2015: $45.59/bbl

down$3.10 from week earlier
down$51.73 from year earlier

Natural gas futures price

1/23/2015: $2.986/mmBtu

down$0.141 from week earlier
down$1.744 from year earlier

Weekly coal production

1/17/2015: 19.361 million tons

up0.475 million tons from week earlier
down0.214 million tons from year earlier

Natural gas inventories

1/16/2015: 2,637 Bcf

down216 Bcf from week earlier
up199 Bcf from year earlier

Crude oil inventories

1/16/2015: 397.9 mmbbl

up10.1 mmbbl from week earlier
up46.6 mmbbl from year earlier

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