Crude Oil Prices Slip in February

Crude Oil Prices

Oil prices dipped in February after hitting a two-year high last month. 

Oil Prices on the Rise

After floundering for over two years, crude oil prices rose steadily over the last half of 2017, finally making its way back into the $60 range. West Texas crude prices peaked in January 2018 and have at $66.14 and then dipped back to the 50's over the past two weeks. 

Weekly Trend

  • WTI Crude: Increased this week to $62.52, up from $59.29 on February 12, 2018

  • Brent Futures: Increased to $65.30, up from $62.59 on February 12, 2018

Saudi Arabia's Energy Minister, Khalid Al-Falih, called for further cuts to production last week in order to tighten up the market. At the same time, the U.S. is seeing the highest levels of production in decades. 

Eagle Ford Rig Count Up by Two

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The Eagle Ford Shale rig count increased by two this week, pushing the number to 86 rigs running across our coverage area by midday Friday. 

In recent Eagle Ford news, the Texas Railroad Commission (RRC) announced it granted more permits in January than last year at this time. 

RRC: 1,036 New Well Permits Issued in Texas

A total of 975 oil and gas rigs were running across the United States this week. 177 rigs were targeting natural gas (-7) and 798 were targeting oil (+7) in the U.S. The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)  479 of the rigs active in the U.S. were running in Texas.

Baker Hughes reports its own Eagle Ford Rig Count that covers the 14 core counties. The rig count published on  EagleFordShale.com includes a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table below.

Eagle Ford Oil & Gas Rigs

9 rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $2.56/mmbtu.

77 Eagle Ford rigs were targeting oil with WTI oil prices at $61.68, an increase of $2.48 from last week.

A total of 84 rigs are drilling horizontal wells, one is drilling directional and one is vertical.

Karnes County leads activity in the region with 16 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

 Eagle Ford Shale Rig Count by County-February 15, 2018

Eagle Ford Shale Rig Count by County-February 15, 2018

 

Eagle Ford Shale News

RRC: 1,036 New Well Permits Issued in Texas

Eagle Ford Laboratory Will Test New Drilling Solutions

Texas Drilling Permits Up 30% for 2017

New Pipeline System Coming to the Eagle Ford

RRC's Christian Strikes Back at 'Fake' News

What is the Rig Count?

The Eagle Ford Shale Rig Count is an index of the total number of oil & gas drilling rigs running across a 30 county area in South Texas. The South Texas rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Eagle Ford formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

RRC: 1,036 New Well Permits Issued in Texas

Oil and gas activity in Texas is off to a great start for 2018, with the Texas Railroad Commission (RRC) announcing it granted more permits in January than last year at this time.

Drilling Permits Increased 30% for 2017

The RRC announced last week that it issued 1,166 original drilling permits for the state in January, compared to 956 in January 2017. The breakdown includes:

  • 1,036 new oil or gas wells permits
  • 18 to re-enter plugged well bores permits
  • 112 for re-completions of existing wells permits
  • 243 oil, 78 gas, 784 oil or gas, 55 injection, two service and four other permits
  • 211 permits were issued in Eagle Ford Shale

2017 was a great year for drilling in Texas, with the Texas Railroad Commission issuing 30% more oil and gas permits than 2016.  2123 of those permits were granted to operators in Eagle Ford Shale counties, surpassing the total 2016 number of 1119.

Eagle Ford Shale Rig Count Increases for First Time this Year

Eagle Ford Shale Rig Count

The Eagle Ford Shale rig count jumped this week this week by four, with data showing 84 rigs running across our coverage area by midday Friday. This is the first increase seen in the region in 2018.

U.S. rig totals also increased as the industry saw commodity prices fall for crude oil and natural gas. 

A total of 975 oil and gas rigs were running across the United States this week. 184 rigs were targeting natural gas (+3) and 791 were targeting oil (+26) in the U.S. The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)  479 of the rigs active in the U.S. were running in Texas.

Baker Hughes reports its own Eagle Ford Rig Count that covers the 14 core counties. The rig count published on  EagleFordShale.com includes a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table below.

Eagle Ford Oil & Gas Rigs

9 rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $2.59/mmbtu.

75 Eagle Ford rigs were targeting oil with WTI oil prices at $59.20, falling $6.25 from last week.

A total of 82 rigs are drilling horizontal wells, one is drilling directional and one is vertical.

Karnes County leads activity in the region with 16 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

 Eagle Ford Shale Rig Count by County-February 8, 2018

Eagle Ford Shale Rig Count by County-February 8, 2018

 

Eagle Ford Shale News

Eagle Ford Laboratory Will Test New Drilling Solutions

Texas Drilling Permits Up 30% for 2017

New Pipeline System Coming to the Eagle Ford

RRC's Christian Strikes Back at 'Fake' News

What is the Rig Count?

The Eagle Ford Shale Rig Count is an index of the total number of oil & gas drilling rigs running across a 30 county area in South Texas. The South Texas rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Eagle Ford formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

Eagle Ford Rig Count Steady at 80

Eagle Ford Shale Rig Count

The Eagle Ford Shale rig count remained steady this week with 80 rigs running across our coverage area by midday Friday. 

In recent industry news, the Department of Energy plans to spend $8 million for a laboratory in the Eagle Ford that will test new solutions for unconventional oil and gas recovery.

Eagle Ford Laboratory Will Test New Drilling Solutions

A total of 946 oil and gas rigs were running across the United States this week. 181 rigs were targeting natural gas (-7) and 765 were targeting oil (+6) in the U.S. The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)  465 of the rigs active in the U.S. were running in Texas.

Baker Hughes reports its own Eagle Ford Rig Count that covers the 14 core counties. The rig count published on  EagleFordShale.com includes a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table below.

Eagle Ford Oil & Gas Rigs

9 rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $2.85/mmbtu.

71 Eagle Ford rigs were targeting oil with WTI oil prices at $65.45.

A total of 79 rigs are drilling horizontal wells, zero are drilling directional and one are vertical.

Karnes County leads activity in the region with 15 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

 Eagle Ford Shale Rig Count by County-February 1, 2018

Eagle Ford Shale Rig Count by County-February 1, 2018

 

Eagle Ford Shale News

Eagle Ford Laboratory Will Test New Drilling Solutions

Texas Drilling Permits Up 30% for 2017

New Pipeline System Coming to the Eagle Ford

RRC's Christian Strikes Back at 'Fake' News

What is the Rig Count?

The Eagle Ford Shale Rig Count is an index of the total number of oil & gas drilling rigs running across a 30 county area in South Texas. The South Texas rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Eagle Ford formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.