A little insight and opinion on the current oil market

Once again, speculators behind sharply rising oil and gasoline prices

Oil and Gas by the Numbers 08/26/2011

I start by apologizing for such a long absence.  There are still parts of rural America that broadband is a long way from reaching. The telephone poles and pipelines are however continuing to cross more of once bare land as the domestic oil push continues.  The oil prices seem to be holding today at $85.33/barrel on the WTI, and natural gas currently sits at $3.92.  The next couple of months will be interesting to watch with our seasonal changes in the markets coming up and the government involvement in a lot of things oil and gas.  Some of you might also be interested to see a small flurry of activity in the permit department in MT this last week.

Rig Count

USA Total: 1975    +1 from last week
TX             896     +3
OK            195
ND            179     +3
LA             158
PA             113     +3
NM             88
CO              76
WY             51
CA              49
UT               27
WV             20
AK                7    +1
MT                6

Approved Permits

08/19/11 thru 08/25/11

TX      320

ND       66

MT       10 New, 5 reissued

CA        No update since 08/13/11

WY       55 (4 in the Niobrara formation)

Gasoline Prices

08/26/2011

US Average:  $3.604/gal

US Low: AZ  $3.329/gal

US High:  HI   $4.110/gal

For a printer friendly copy of the report above please go to: Oil and Gas by the Numbers 08/26/11

Oil and Gas by the Numbers 05/27/2011

Good afternoon everyone.  Well today it looks like we are starting to move forward again in our rig numbers.  The US total made a jump of 17 over the week.  Crude oil seems to be hovering at $100.19/barrel at the moment and natural gas is making a nice upswing $4.51 an increase of 3.56% so far today.  As we head into the holiday weekend that traditionally marks summer gasoline price increases, we are actually looking at some big changes in price on a down trend.

Rig Count

updated 05/27/11

US: 1847
TX: 835
LA:  165
OK: 173
ND:  162
PA:  110
NM:  77
CO:  72
WY:  41
CA:  44
UT:  29
AK:  05
WV: 19
MT:  10

Applications to Drill

05/20/11 thru 5/26/11

TX: 357
ND: 32
MT: 2
CA: No update
WY: 45

Gasoline Prices

05/27/2011

US average: $3.796/gal
Low: SC $3.528/gal
High: AK $4.204/gal

Mississippi Flooding impacts Delek refinery

Delek has reduced total throughputs at the El Dorado refinery, due to the a temporary shut in on the crude oil pipelines to the refinery. The Mississippi River flooding is the cause behind the pipeline closure.

Delek's El Dorado - Update

Oil rises above $121 after a two day decline

For the latest politics behind the current oil prices please click the link below.
Oil rises above $121 - Upstream Online

Poll predicts $130 oil in 2011

If the prices at the pump are not high enough to deter you yet then just wait a month or two.  Experts are predicting that $150/barrel on the BRENT is a possibility for this year. 

Poll predicts $130 oil in 2011 - Upstream Online

Crude hits 2-1/2-year high

Politics behind rise in crude prices