8/15: Shell GOM Production Back to Full Strength

Shell has repaired the issue that resulted in the company shutting down production at three of its offshore Gulf of Mexico platforms: Mars, Ursa, Olympus.  The platforms are located approximately 100 miles south the Louisiana coast and combined can produce 410 Mb/d of crude oil.  The company pointed to a flange leak at the Port Fourchon booster station as the cause of the Thursday's (8/11) shut down. According to Shell, repair crews were able to fix the leak and return Shell's system to normal operations within 24 hours of the leak's discovery.

8/15: Oil falls on weak economic data, offshore oil restart

Oil falls on weak economic data, offshore oil restart (Reuters)

Oil prices fell by more than $5 a barrel on Monday after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand.

Brent crude futures fell $3.88, or 4%, to $94.27 a barrel by 12:34 p.m. EDT (1634 GMT) after settling 1.5% lower on Friday.

U.S. West Texas Intermediate crude was down $3.68, or 4%, at $88.41 after dropping 2.4% in the previous session.

8/15: (6:30 am) Crude Prices Slammed By Weak China Economic Data; WTI Down To Level Not Seen Since January

China released data on Monday showing slower economic activity in July, including manufacturing, investment, consumer spending and almost every other metric.  Crude markets reacted immediately, with WTI dropping more than $4/bbl, to the $87/bbl range, the lowest price since January 2022.   China’s crude runs declined in July to the lowest level since Covid hit in 2020 due to unplanned shutdowns at large refiners and lower production from independents. 

8/12: U.S. Drilling Activity Sees Decline For Second Straight Week

U.S. Drilling Activity Sees Decline For Second Straight Week (OilPrice.com)

The number of total active drilling rigs in the United States fell by 1 this week, according to new data from Baker Hughes published on Friday. It is the second decline in as many weeks.

The total rig count fell to 763 this week—262 rigs higher than the rig count this time in 2021.

Oil rigs in the United States rose by 3 this week to 601. Gas rigs fell by 1, to 160. Miscellaneous rigs dropped 3.