Rig counts in Texas and U.S. inched up by 1 rig each in the Sept. 18 report from Baker Hughes, but the count in New Mexico fell to a 2020 low of 43 rigs. Texas has 106 rigs (105 week ago, 423 year ago), and U.S. has 255 rigs (254 week ago, 868 year ago). There are 123 rigs in Permian Basin (down 1 from last week, down 294 from last year). And the New Mexico count fell to 43 after idling 3 rigs in the past week (109 a year ago). Previous low was 45 last month.
Eddy County, N.M., continues to lead Permian with 25 rigs – unchanged from last week – but Martin County moved to runner-up with 19 rigs (unchanged) after Lea, N.M., lost 3 rigs to decline to 18. Other leaders are Midland (15) and Loving (10).
Rig counts in other leading states as of Sept. 18 include Louisiana (up 1 to 38), Pennsylvania (unchanged at 18) and Oklahoma (unchanged at 12). Other leading regions include Haynesville (up 1 to 36), Marcellus (up 1 to 25), Williston (up 1 to 10) and Eagle Ford (unchanged at 9).
Reuters reported this week a record amount of U.S. crude oil is expected to be exported to China this month before declining “as the relative price advantage enjoyed by U.S. exporters fades.” Vessel tracking and port data compiled by Refinitiv indicates that China will import 867,300 barrels per day of U.S. crude in September to exceed 653,870 b/d in August and 693,500 b/d in July. China’s imports of U.S. crude are expected to drop to about 500,000 b/d in October and lower in November.