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API: US gas & oil drilling at record
Petroleumworld
LONDON
Petroleumworld.com 07 27 06
Natural gas drilling is at record in the first half of 2006 with 14,784 natural gas wells completed, while the U.S. oil drilling activity marked a 20-year high, the American Petroleum Institute said Wednesday.Despite the low prices on gas, natural gas and oil well completions showed double-digit growth over the same period in 2005, with no signs let it down soon, API reported.
Oil industry is driven by a increase in futures prices on the New York Mercantile Exchange from about $30 a barrel at the start of 2004 to as high as $78.40 on July 14. Oil wells were completed at a rate not seen since the late 1980s.
While the natural gas is less certain, due to low prices by higher-than-average gas volumes in U.S. underground storage and soft demand.
On Wednesday, NYMEX Natural Gas Futures for August delivery closed up $0.478 at $6.887 per MMBTU.While, New York's main oil contract, light sweet crude for delivery in September, climbed 19 cents to 73.94 dollars per barrel in closing trades on Wednesday.
And in London, Brent North Sea crude for September delivery added 72 cents to settle at 74.00 dollars per barrel.
Petroleumworld 27 07 06
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