Industry Update - January 18, 2021

The U.S. Energy Information Administration forecasted in its January 2021 Short-Term Energy Outlook (“STEO”) that annual U.S. crude oil production will decline slightly from its 2020 levels as a result of decreased drilling activity stemming from continuing low oil prices.  However, the EIA anticipates production rising again in 2022.  Click here for the EIA January 2021 Short-Term Energy Outlook.

[1]Rig Count Overview & Summary Count as of January 15, 2021, BAKER HUGHES, https://rigcount.bakerhughes.com/rig-count-overview (last visited 01/18/2021); North America Rig Count, BAKER HUGHES, https://rigcount.bakerhughes.com/na-rig-count (last visited 01/18/2021) (follow “Rigs by State – Current and Historical” link; then scroll to the appropriate timespan).

[2] U.S. Frac Spread Count as of January 15, 2021, https://www.aogr.com/web-exclusives/us-frac-spread-count/2021.

[3] MacroTrend Brent Crude Oil Prices 10 Year Daily Chart, https://www.macrotrends.net/2480/brent-crude-oil-prices-10-year-daily-chart; MacroTrend WTI Crude Oil Prices 10 Year Daily Chart, https://www.macrotrends.net/2516/wti-crude-oil-prices-10-year-daily-chart (last visited 01/18/2021); Markets Business Insider https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets.

[4] Henry Hub Natural Gas Spot Price for 01/15/2021, https://markets.businessinsider.com/commodities/natural-gas-price (last visited Jan. 18, 2021); Weekly Henry Hub Natural Gas Spot Prices for 2021 used in chart, https://www.eia.gov/dnav/ng/hist/rngwhhdW.htm (last visited Jan. 18, 2021).

[5] https://www.eia.gov/outlooks/steo/marketreview/crude.php; https://www.eia.gov/outlooks/steo/marketreview/petproducts.php

[6] https://www.eia.gov/todayinenergy/detail.php?id=46476