Masters Of War

Come you masters of war You that build all the guns You that build the death planes You that build all the bombs You that hide behind walls You that hide behind desks I just want you to know I can see through your masks. You that never done nothin' But build to destroy You play with my world Like it's your little toy You put a gun in my hand And you hide from my eyes And you turn and run farther When the fast bullets fly. Like Judas of old You lie and deceive A world war can be won You want me to believe But I see through your eyes And I see through your brain Like I see through the water That runs down my drain. You fasten all the triggers For the others to fire Then you set back and watch When the death count gets higher You hide in your mansion' As young people's blood Flows out of their bodies And is buried in the mud. You've thrown the worst fear That can ever be hurled Fear to bring children Into the world For threatening my baby Unborn and unnamed You ain't worth the blood That runs in your veins. How much do I know To talk out of turn You might say that I'm young You might say I'm unlearned But there's one thing I know Though I'm younger than you That even Jesus would never Forgive what you do. Let me ask you one question Is your money that good Will it buy you forgiveness Do you think that it could I think you will find When your death takes its toll All the money you made Will never buy back your soul. And I hope that you die And your death'll come soon I will follow your casket In the pale afternoon And I'll watch while you're lowered Down to your deathbed And I'll stand over your grave 'Til I'm sure that you're dead.------- Bob Dylan 1963

Sunday, May 16, 2021

oil exports drop by the most on record to least since October 2018; global oil shortage at 1.73 million barrels per day

oil prices again ended slightly higher this week, as markets gyrated after a major oil product pipeline was hacked and shut down...after rising 2.1% to $64.90 a barrel last week as traders anticipated higher demand for fuel as global economies eased Covid-related restrictions, the contract price of US light sweet crude for June delivery opened more than 1% higher Monday after the Colonial Pipeline had to shut fuel pipelines to the East Coast due to a cyberattack, but faded to end just 2 cents higher at $64.92 a barrel on expectations that the U.S. would have to slow refining activities and boost imports of gasoline....oil prices fell early Tuesday as the prospect that the East Coast pipeline would remain shut for the rest of this week led some U.S. Gulf Coast refiners to cut output, but rallied late finish the session 36 cents higher at $65.28 a barrel as a weaker dollar lent support to prices and offset the burgeoning pile up of crude in the Gulf Coast states...however, oil prices slid again overnight after the API reported the largest increase in gasoline inventories in over a year, but recovered on Wednesday to end 80 cents higher at $66.08 a barrel, after the EIA reported just a modest increase in gasoline inventories while a second straight weekly decline in U.S. crude supplies underscored the progress made in draining last year's record supply glut built up...oil prices then tumbled early Thursday after data showed that the U.S. annual inflation rate jumped to the highest in 13 years​, and finished $2.36, or more than 3% lower at $63.82 a barrel after the Colonial pipeline reopened and India’s festering Covid situation, which was killing more than 4,000 people a day, added to the downward pressure on prices...but oil prices recovered two-thirds of those losses on Friday, rising $1.55 to $65.37 a barrel, as prices garnered support from a recovery in US equities and a softer ​US ​dollar and thus managed to finish the week 0.7% higher, as traders positioned for higher inflation and weaker-than-expected macroeconomic data in the US...

natural gas prices also inched up this week, as strong LNG exports and lower production offset moderating weather forecasts....after rising 0.9% to to $2.958 per mmBTU last week on near record exports and on forecasts for a cooling trend, the contract price of natural gas for June delivery opened higher on Monday​,​ but quickly eased on forecasts for milder weather and a small decline in exports, with prices settling down 2.6 cents, or 0.9%, $2.932 per mmBTU...​however,​ prices reversed course on Tuesday, rising with oil prices and settling 2.3 cents higher at $2.955 per mmBTU, as export demand and other key fundamentals held strong...natural gas prices then rose 1.4 cents to an 11 week high of $2.969 per mmBTU on Wednesday as field production dipped and all indications pointed to continued strong demand for LNG...prices ticked up four-tenths of a cent to another 11 week high on Thursday, as a natural gas storage report in line with expectations provided no catalyst for a change...but June gas contracts slipped 1.2 cents on Friday as exports declined and production edged up, and on forecasts for mild weather and lower demand next week​,​ ​but still finished the week three-tenths of a cent or 0.1% higher at $2.961 per mmBTU...

the natural gas storage report from the EIA for the week ending May 7th indicated that the amount of natural gas held in underground storage in the US rose by 71 billion cubic feet to 2,029 billion cubic feet by the end of the week, which left our gas supplies 378 billion cubic feet, or 15.7% below the 2,407 billion cubic feet that were in storage on May 7th of last year, and 61 billion cubic feet, or 3.4% below the five-year average of 2,101 billion cubic feet of natural gas that have been in storage as of the 7th of May in recent years....the 71 billion cubic feet that were added to US natural gas storage this week was in line with the average forecast of a 70 billion cubic foot addition from an S&P Global Platts survey of analysts, but was below the average addition of 82 billion cubic feet of natural gas that have typically been injected into natural gas storage during the​ first week of May over the past 5 years, as well as well below the 104 billion cubic feet added to natural gas storage during the corresponding week of 2020... 

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending May 7th showed that despite a reoord drop in our oil ​exports, we still needed to withdraw oil from our stored commercial crude supplies for the fifth time in twelve weeks and for the 27th time in the past forty-two weeks....our imports of crude oil​ rose by an average of ​37,000 barrels per day to an average of 5,4​88,000 barrels per day, after falling by an average of 1,164,000 barrels per day during the prior week, while our exports of crude oil fell by a record average of 2,326,000 barrels per day to an average of 1,796,000 barrels per day during the week, which meant that our effective trade in oil worked out to a net import average of 3,692,000 barrels of per day during the week ending May 7th, 2,363,000 more barrels per day than the net of our imports minus our exports during the prior week...over the same period, the production of crude oil from US wells was reportedly 100,000 barrels per day higher at 11,000,000 barrels per day, and hence our daily supply of oil from the net of our trade in oil and from well production appears to total an average of 14,692,000 barrels per day during this reporting week... 

meanwhile, US oil refineries reported they were processing 15,020,000 barrels of crude per day during the week ending May 7th, 223,000 fewer barrels per day than the amount of oil they used during the prior week, while over the same period the EIA's surveys indicated that a net of 261,000 barrels of oil per day were being pulled out of the supplies of oil stored in the US....so based on that reported & estimated data, this week's crude oil figures from the EIA appear to indicate that our total working supply of oil from net imports, from storage, and from oilfield production was 67,000 barrels per day less than what our oil refineries reported they used during the week....to account for that disparity between the apparent supply of oil and the apparent disposition of it, the EIA just plugged a (+67,000) barrel per day figure onto line 13 of the weekly U.S. Petroleum Balance Sheet to make the reported data for the daily supply of oil and the consumption of it balance out, essentially a fudge factor that they label in their footnotes as "unaccounted for crude oil", thus suggesting there must have been a error or errors of that ​size in this week's oil supply & demand figures that we have just transcribed....while that's not off by much, last week's EIA fudge factor was at (+1,722,000) barrels per day, which means there was a 1,655,000 barrel per day balance sheet difference in the unaccounted for crude oil figure from a week ago, rendering the week over week supply and demand changes we have just transcribed meaningless....however, since most everyone treats these weekly EIA reports as gospel and since these figures often drive oil pricing and hence decisions to drill or complete wells, we'll continue to report them as they're published, just as they're watched & believed to be accurate by most everyone in the industry....(for more on how this weekly oil data is gathered, and the possible reasons for that "unaccounted for" oil, see this EIA explainer)....

further details from the weekly Petroleum Status Report (pdf) indicate that the 4 week average of our oil imports fell to an average of 5,740,000 barrels per day last week, which is still 7.6% more than the 5,336,000 barrel per day average that we were importing over the same four-week Covid impacted period last year... the 261,000 barrel per day net withdrawal from our crude inventories included a 200,000 barrel per day withdrawal from our Strategic Petroleum Reserve, space in which has been leased for commerical purposes, and a 61,000 barrel per day withdrawal from our commercially available stocks of crude oil....this week's crude oil production was reported to be 100,000 barrels per day higher at 11,000,000 barrels per day because the rounded estimate of the output from wells in the lower 48 states was 100,000 barrels per day higher at 10,500,000 barrels per day while a 6,000 barrel per day decrease in Alaska's oil production to 451,000 barrels per day had no impact on the rounded national total....our prepandemic record high US crude oil production was at a rounded 13,100,000 barrels per day during the week ending March 13th 2020, so this reporting week's reported oil production figure was 16.0% below that of our production peak, yet still 30.5% above the interim low of 8,428,000 barrels per day that US oil production fell to during the last week of June of 2016...    

meanwhile, US oil refineries were operating at 86.1% of their capacity while using those 15,020,000 barrels of crude per day during the week ending May 7th, down from 86.5% the prior week, and below normal for the month before the ​summer driving season...while the 15,020,000 barrels per day of oil that were refined this week were 21.3% higher than the 12,383,000 barrels of crude that were being processed daily during the pandemic impacted week ending May 8th of last year, they were still 9.9% below the 16,676,000 barrels of crude that were being processed daily during the week ending May 10th, 2019, when US refineries were operating at a still lower than seasonal 90.5% of capacity...

even with this week's decrease in the amount of oil being refined, the gasoline output from our refineries increased by 442,000 barrels per day to 9,588,000 barrels per day during the week ending May 7th, after our gasoline output had decreased by 483,000 barrels per day over the prior week...and while this week's gasoline production was 27.9% higher than the 7,497,000 barrels of gasoline that were being produced daily over the same week of last year, it was still 3.9% lower than the March 13th 2020 pre-pandemic high of 9,974,000 barrels per day, and 3.3% below the gasoline production of 9,912,000 barrels per day during the week ending May 10th, 2019....meanwhile, our refineries' production of distillate fuels (diesel fuel and heat oil) increased by 157,000 barrels per day to 4,655,000 barrels per day, after our distillates output had decreased by 128,000 barrels per day over the prior week... but since the onset of the pandemic last year didn't appear to impact distillates' production, this week's distillates output was still 4.8% lower than the 4,892,000 barrels of distillates that were being produced daily during the week ending May 8th, 2020...

with the increase in our gasoline production, our supply of gasoline in storage at the end of the week increased for the twentieth time in twenty-six weeks, and for 24th time in 44 weeks, rising by 378,000 barrels to 236,189,000 barrels during the week ending May 7th, after our gasoline inventories had increased by 737,000 barrels over the prior week...our gasoline supplies managed to increase again this week even though our exports of gasoline rose by 439,000 barrels per day to 994,000 barrels per day while our imports of gasoline fell by 85,000 barrels per day to 936,000 barrels per day, as the amount of gasoline supplied to US users decreased by 64,000 barrels per day to 8,800,000 barrels per day....but even after six straight inventory increases, our gasoline supplies were still 6.6% lower than last May 8th's gasoline inventories of 256,407,000 barrels, and about ​1% below the five year average of our gasoline supplies for this time of the year... 

​however, ​even with the increase in our distillates production, our supplies of distillate fuels decreased for the 11th time in 21 weeks and for the 25th time in thirty-seven weeks, falling by 1,734,000 barrels to 134.419,000 barrels during the week ending May 7th, after our distillates supplies had decreased by 2,896,000 barrels during the prior week....our distillates supplies fell by a bit less this week because the amount of distillates supplied to US markets, an indicator of our domestic demand, fell by 157,000 barrels per day to 3,968,000 barrels per day, while our imports of distillates rose by 39,000 barrels per day to 109,000 barrels per day, and while our exports of distillates rose by 187,000 barrels per day to 1,143,000 barrels per day....after five consecutive inventory decreases, our distillate supplies at the end of the week were 13.3% below the 155,001,000 barrels of distillates that we had in storage on May 8th, 2020, and about 3% below the five year average of distillates stocks for this time of the year...

finally, in spite of the big drop in our oil exports, our commercial supplies of crude oil in storage fell for the 15th time in the past twenty-six weeks and for the 27th time in the past year, decreasing by 426,000 barrels, from 485,117,000 barrels on April 30th to 484,691,000 barrels on May 7th, after our crude supplies had decreased by 7,990,000 barrels the prior week....after this week's decrease, our commercial crude oil inventories remained about 2% below the most recent five-year average of crude oil supplies for this time of year, but were still about 37% above the average of our crude oil stocks as of the the first week of May over the 5 years at the beginning of this decade, with the disparity between those comparisons arising because it wasn't until early 2015 that our oil inventories first topped 400 million barrels....since our crude oil inventories had jumped to record highs during the Covid lockdowns of last spring, our commercial crude oil supplies as of May 7th were 8.8% less than the 531,476,000 barrels of oil we had in commercial storage on May 8th of 2020, but still 2.7% more than the 472,035,000 barrels of oil that we had in storage on May 10th of 2019, and also 12.1% more than the 432,354,000 barrels of oil we had in commercial storage on May 11th of 2018...     

OPEC's Monthly Oil Market Report

Tuesday of this past week saw the release of OPEC's May Oil Market Report, which covers OPEC & global oil data for April, and hence it gives us a picture of the global oil supply & demand situation for the 4th month after OPEC, the Russians, and other oil producers agreed to increase their oil production by 500,000 barrels per day starting January, from their prior 2020 commitment to cut production by 7.7 million barrels a day from an October 2018 peak, which had been earlier reduced from the 9.7 million barrels a day cuts they had imposed on themselves during May, June and July of 2020, and after the Saudis unilaterally committed to cut their own production by a million barrels per day during February, March, and then later during April of this year...before we start, we want to again caution that the oil demand estimates made herein, while the course of the Covid-19 pandemic still remains uncertain, should be considered as having a much larger margin of error than we'd expect from this report during stable and hence more predictable periods.. 

the first table from this monthly report that we'll check is from the page numbered 50 of this month's report (pdf page 60), and it shows oil production in thousands of barrels per day for each of the current OPEC members over the recent years, quarters and months, as the column headings below indicate...for all their official production measurements, OPEC uses an average of estimates from six "secondary sources", namely the International Energy Agency (IEA), the oil-pricing agencies Platts and Argus, ‎the U.S. Energy Information Administration (EIA), the oil consultancy Cambridge Energy Research Associates (CERA) and the industry newsletter Petroleum Intelligence Weekly, as a means of impartially adjudicating whether their output quotas and production cuts are being met, to thereby avert any potential disputes that could arise if each member reported their own figures...

April 2021 OPEC crude output via secondary sources

as we can see from the above table of their oil production data, OPEC's oil output increased by a rounded 26,000 barrels per day to 25,083,000 barrels per day during April, up from their revised March production total of 2​5,057,000 barrels per day...however, that March output figure was originally reported as 25,042,000 barrels per day, which therefore means that OPEC's March production was revised 15,000 barrels per day higher with this report, and hence OPEC's March production was, in effect, a 41,000 barrel per day increase from the previously reported OPEC production figure (for your reference, here is the table of the official March OPEC output figures as reported a month ago, before this month's revision)...

from the above table, we can see that an increase of 75,000 barrels per day in Nigeria's output, a 73,000 barrels per day increase in Iran's production, and a production increase of 34,000 barrels per day from the Saudis were the major factors in OPEC's March output increase; , and that those increases we mostly offset by a decrease of 81,000 barrels per day in the output from Venezuela and a decrease of 67,000 barrels per day in the output from Libya, coincidentally two of the countries that have remained exempt from any of the quotas imposed on other members by these output cuts....recall that last year's original oil producer's agreement was to cut production by 9.7 million barrels per day from an October 2018 baseline for just two months early in the pandemic, during May and June, but that agreement had been extended to include July at a meeting between OPEC and other producers on June 6th....then, in a subsequent meeting in July, OPEC and the other oil producers agreed to ease their deep supply cuts by 2 million barrels per day to 7.7 million barrels per day for August and subsequent months, which was thus the agreement that covered OPEC's output for the rest of 2020...the OPEC+ agreement for January's production, which was later extended to include February and March and then April's output, was to further ease their supply cuts by 500,000 barrels per day to 7.2 million barrels per day from that original baseline...however, war torn Libya and US sanctioned OPEC members Iran and Venezuela have been exempt from the production cuts imposed by these agreements, and as we can see above, they all had significant production changes this month...

for those OPEC members that do fall under the output quotas imposed by that series of revised agreements, we have below a table of the output levels they were "voluntarily" required to adhere to in April, reflecting the extension of the production levels designated for March through the month of April:

March 2021 OPEC   production quotas

the above table was provided as a downloadable attachment to the press release following the press release following the 13th OPEC and non-OPEC Ministerial Meeting on January 5th of this year, and it includes the reference production and expected production levels for the 10 members of OPEC that are expected to make cuts and for the other major oil producers who are party to what the press calls the "OPEC + agreement"....the first column in the above table shows the reference oil production baseline, in thousands of barrel per day​,​ from which each of the oil producers was to cut from, a figure which is based on each of the producer's October 2018 oil output, ie., a date before last year's and the prior year's output cuts took effect, and coincidently the highest monthly production of the era for most of the producers who are party to these cuts...the remaining columns show the adjustment, or cut, from that reference production level and then the oil output allowed for each producer under the agreement for the months of January, February and March, which were extended to include April at the March level at the 14th OPEC and non-OPEC Ministerial Meeting on March 4th...OPEC arrived at these figures by adjusting the 23% cut from the October 2018 baseline originally agreed to for May and June 2020 for subsequent agreements to "ease" that 23% cut by agreed to fractions, and it applied to all participants except for Mexico, who already had their oil production hedged to profit from lower prices...the OPEC member output quota is identical for each of the three months covered above; however, the ongoing agreements from the​ ​OPEC and non-OPEC Ministerial Meetings have subsequently allowed Russia and Kazakhstan to incrementally increase their oil output over February and March to meet seasonal increases in domestic demand, and again in April at the March 4th meeting cited above....in April, both Iraq, with an oil output of 3,920,000 barrels per day, and Nigeria, with an output of 1,548,000 barrels per day, were producing more than their quota, but that excess output was more than covered by the Saudis unilaterally keeping their production a million barrels per day below their quota...

the next graphic from this month's report that we'll highlight shows us both OPEC and world oil production monthly on the same graph, over the period from May 2019 to April 2021, and it comes from page 51 (pdf page 61) of OPEC's April Monthly Oil Market Report....on this graph, the cerulean blue bars represent OPEC's monthly oil production in millions of barrels per day as shown on the left scale, while the purple graph represents global oil production in millions of barrels per day, with the metrics for global output shown on the right scale.... 

April 2021 OPEC report global oil supply

after this month's reported 26,000 barrel per day increase in OPEC's production from what they produced a month earlier, OPEC's preliminary estimate indicates that total global liquids production decreased by a rounded 150,000 barrels per day to average 93.06 million barrels per day in April, a reported ​decrease which apparently came after March's total global output figure was revised down by 20,000 barrels per day from the 93.23 million barrels per day of global oil output that was reported for March a month ago, as non-OPEC oil production fell by a rounded 180,000 barrels per day in March after that revision, with a decrease​ of 500,000 barrels per day​, ​due to planned maintenance​, in ​the oil ​output from Canada and Norway accounting for the non-OPEC production decrease in April... 

After that decrease in April's global output, the 93.06 million barrels of oil per day that were produced globally in April were still 6.45 million barrels per day, or 6.5% less than the revised 99.51 million barrels of oil per day that were being produced globally in April a year ago, which was the month that the first Saudi-Russian agreement to cut production to support prices broke down, resulting in oil prices ​briefly ​falling below zero (see the May 2020 OPEC report (online pdf) for the originally reported April 2020 details)...with this month's modest increase in OPEC's output, their April oil production of 25,083,000 barrels per day was at 27.0% of what was produced globally during the month, an increase of 0.1% from their revised 26.9% share of the global total in February....OPEC's April 2020 production was reported at 30,412 barrels per day, which means that the 13 OPEC members who were part of OPEC last year produced 5,329,000, or 17.5% fewer barrels per day of oil​ this April than what they produced a year earlier, when they accounted for 30.6% of global output...  

After the modest decrease in global oil output that we've seen in this report, the amount of oil being produced globally during the month again fell short of the expected demand, as this next table from the OPEC report will show us...   

April 2021 OPEC report global oil demand

the above table came from page 29 of the OPEC May Oil Market Report (pdf page 39), and it shows regional and total oil demand estimates in millions of barrels per day for 2020 in the first column, and OPEC's estimate of oil demand by region and globally quarterly over 2021 over the rest of the table...on the "Total world" line in the third column, we've circled in blue the figure that's relevant for April, which is their estimate of global oil demand during the second quarter of 2021... OPEC is estimating that during the 2nd quarter of this year, all oil consuming regions of the globe will be using an average of 94.79 million barrels of oil per day, which is a rounded 300,000 barrels per day downward revision from the 95.09 million barrels of oil per day of demand they were estimating for the second quarter a month ago (note that we have encircled this month's revisions in green), which still reflects quite a bit of coronavirus related demand destruction compared to 2019, when global demand averaged 99.98 million barrels per day....but as OPEC showed us in the oil supply section of this report and the summary supply graph above, OPEC and the rest of the world's oil producers were only producing 93.06 million barrels million barrels per day during April, which would imply that there was a shortage of around 1,730,000 barrels per day in global oil production in April when compared to the demand estimated for the month...

note that in green we have also circled a downward revision of 140,000 barrels per day to OPEC's previous estimates of first quarter demand...for March, that means that that the 200,000 barrels per day global oil output shortage we had previously figured for March would be revised to a shortage of just 80,000 barrels per day, after​ the​ downward revision of 20,000 barrels per day to March's global oil output that's implied in this report is also taken into account... similarly, the downward revision to first quarter demand means that the 1,430,000 barrels per day global oil output shortage we had previously figured for February would now be revised to a shortage of 1,290,000 barrels per day, and that the 210,000 barrels per day global oil output shortage we had previously figured for January would be revised to a shortage of 70,000 barrels per day​,​ in light of the 140,000 barrel per day downward revision to first quarter demand...note, however, that despite this year's output shortfalls, the quantities of oil produced globally in 2020 still averaged well over 3 million barrels per day more than anyone wanted...

This Week's Rig Count

The US rig count rose for the 31st time over the past 35 weeks during the week ending May 15th, but is still down by 42.9% from the pre-pandemic rig count....Baker Hughes reported that the total count of rotary rigs running in the US was up by 5 to 453 rigs this past week, which was also up by 114 rigs from the pandemic hit 339 rigs that were in use as of the May 15th report of 2020, but was still 1,476 fewer rigs than the shale era high of 1,929 drilling rigs that were deployed on November 21st of 2014, the week before OPEC began to flood the global oil market in their first attempt to put US shale out of business....

The number of rigs drilling for oil was up by 8 to 352 oil rigs this week, after rising by 2 oil rigs the prior week, thus giving us 94 more oil rigs than were running a year ago, but still just 21.9% of the recent high of 1609 rigs that were drilling for oil on October 10th, 2014....at the same time, the number of drilling rigs targeting natural gas bearing formations was down by 3 to 100 natural gas rigs, which was still up by 21 natural gas rigs from the 79 natural gas rigs that were drilling a year ago, but still just 6.2% of the modern era high of 1,606 rigs targeting natural gas that were deployed on September 7th, 2008....meanwhile, a so-called "miscellaneous" rig continued to drill into the Permian basin in Midland county Texas this week, compared to the "miscellaneous" rig count of two a year ago..

The Gulf of Mexico rig count was up by 2 to 15 rigs this week, with all 15 of those rigs now drilling for oil in Louisiana's offshore waters....that was 3 more Gulf of Mexico rigs than the 12 rigs drilling in the Gulf a year ago, when again all 12 Gulf rigs were drilling for oil offshore from Louisiana....since there are no rigs operating off of other US shores at this time, nor were there a year ago, this week's national offshore rig totals are equal to the Gulf rig counts...meanwhile, in addition to those rigs offshore, a rig continues to drill through an inland lake in St Mary parish Louisiana, while there were no "inland waters" rigs running a year ago...

The count of active horizontal drilling rigs was up by 2 to 410 horizontal rigs this week, which was also up by 103 rigs from the 307 horizontal rigs that were in use in the US on May 15th of last year, but less than a third of the record of 1372 horizontal rigs that were deployed on November 21st of 2014....at the same time, the directional rig count was up by 5 to 29 directional rigs this week, which was also up by 8 from the 22 directional rigs that were operating during the same week a year ago....on the other hand, the vertical rig count was down by 2 to 15 vertical rigs this week, but those were still up by 5 from the 10 vertical rigs that were in use on May 8th of 2020....

The details on this week's changes in drilling activity by state and by major shale basin are shown in our screenshot below of that part of the rig count summary pdf from Baker Hughes that gives us those changes...the first table below shows weekly and year over year rig count changes for the major oil & gas producing states, and the table below that shows the weekly and year over year rig count changes for the major US geological oil and gas basins...in both tables, the first column shows the active rig count as of May 14th, the second column shows the change in the number of working rigs between last week's count (May 7th) and this week's (May 14th) count, the third column shows last week's May 7th active rig count, the 4th column shows the change between the number of rigs running on Friday and the number running on the Friday before the same weekend of a year ago, and the 5th column shows the number of rigs that were drilling at the end of that reporting week a year ago, which in this week’s case was the 15th of May, 2020..    

May 14th 2021 rig count summary

Louisiana's rig count was up by three with the addition of three rigs offshore, but there was also a natural gas rig added in the Haynesville shale of northwestern Louisiana, while a vertical rig was shut down in the southern part of the state...the Haynesville shale was still down a rig, however, with the removal of two Haynesville natural gas rigs from Texas Oil District 6...with those, the natural gas rig count was down by three nationally​,​ with the ​additional ​removal of two other natural gas rigs in basins that Baker Hughes doesn't track...elsewhere in Texas, we find that that two oil rigs were added in Texas Oil District 8, which is the core Permian Delaware, and that another oil rig was added in Texas Oil District 8A, which includes the northern counties of the Permian Midland, but that at the same time,​ ​an oil rig was pulled out Texas Oil District 7C, which encompasses the southern counties of the Permian Midland, thus accounting for the national Permian basin 2 rig increase....we also had a rig added in Texas Oil District 1, and a rig pulled out of Texas Oil District 2, which could have been offsetting Eagle Ford rigs, even as the Eagle Ford remained unchanged...the Texas count was still down by one, however, because the last rig that had been drilling in the state's offshore area was removed​ this week​...​meanwhile, ​other rig additions nationally include a rig added in North Dakota's Williston basin, and another added in Oklahoma's Cana Woodford, and an oil rig added in an Alaska basin that Baker Hughes doesn't name...

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note: there's more here...

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