Dropping Drill Permit Count Back to Blog
U.S. crude oil prices have dropped more than 50% in the last two months. At the close of business on Monday, January 5, 2015, the NY Mercantile futures prices closed at $50.04 per barrel, with the posted WTI Sweet price at $46.25. The result was as expected in the number of approved drilling permits published by our WellReports.com for the four state area of Texas, New Mexico, Oklahoma and Louisiana. In October, 2014, the number of approved drilling permits was 3874 (compared to 2377 in 2013). For November, 2014 it was 2149 (compared to 2162 in 2013) and in December, 2014, there were 2151 approved drilling permits (compared to 2308 in 2013). In addition, we are noticing a significant number of drilling contractors reporting stacked or “in yard” units since the middle of December. Rig count numbers are available to all subscribers.