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Posted July 26, 2016Today in Energy

Increased drilling may slow pace of crude oil production declines ›

Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate (WTI) crude oil prices averaged $46.59 per barrel (b) over the past three weeks, a 40% increase over the average price in the first quarter of 2016. The rig count for active onshore rotary rigs in the Lower 48 states, as measured by Baker Hughes, stood at 352 rigs on July 22, 45 rigs above the number at the end of June. More


Source: EIA, Short-Term Energy Outlook, July 2016; Baker Hughes

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Data Highlights

WTI crude oil futures price

7/25/2016: $43.13/barrels

down$2.11 from week earlier
down$5.01 from year earlier

Natural gas futures price

7/25/2016: $2.747/MMBtu

up$0.025 from week earlier
down$0.029 from year earlier

Retail gasoline price

7/25/2016: $2.182/gal

down$0.048 from week earlier
down$0.563 from year earlier

Retail diesel price

7/25/2016: $2.379/gal

down$0.023 from week earlier
down$0.344 from year earlier

Weekly coal production

7/16/2016: 15.141 million tons

up2.218 million tons from week earlier
down2.433 million tons from year earlier

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