London, August 19, 2024, (Oilandgaspress) –– U.S. average gasoline prices fell week over week on Friday, at $3.42 per gallon—the cheapest Friday since March, according to Gas Buddy. The most common U.S. gas price encountered by motorists stood at $3.49 per gallon, unchanged from last week, followed by $3.39, $3.29, $3.19, and $3.59 rounding out the top five most common prices. The most common U.S. diesel price stood at $3.69 per gallon, down 10 cents from last week, followed by $3.59, $3.79, $3.49, and $3.99 rounding out the top five most common prices.
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $76.11 | Down |
| Crude Oil (Brent) | USD/bbl | $79.26 | Down |
| Bonny Light 16/08/24 | USD/bbl | $83.33 | Down |
| Dubai | USD/bbl | $77.80 | Down |
| Natural Gas | USD/MMBtu | $2.11 | Down |
| Murban Crude | USD/bbl | $78.51 | Down |
| OPEC basket 16/08/24 | USD/bbl | $79.76 | Down |
Norwegian Offshore Directorate will be publishing the Resource Report 2024 at 10:00 on Wednesday, 21 August.
The resources on the Norwegian continental shelf (NCS) must be managed with a long-term perspective. This report illustrates the opportunities we have on the NCS, and what it will take to ensure that these resources can continue to create value for society.
Norway still has extensive oil and gas resources on the NCS. These resources can provide a basis for high levels of production, export and value creation for society for many years to come.
The resource report will be launched on sodir.no, where Kjersti Dahle, Director technology, analysis and coexistence, will present the report in a conversation with Ola Anders Skauby, Director communication, public affairs and emergency response.
Resource reports have been published every two years since 1997. Source,
The Energy Information Administration (EIA) released its weekly report on the status of petroleum inventories in the United States.
Crude oil inventories increased by 1.4 million barrels (MMbbl) to a total of 430.7 MMbbl. At 430.7 MMbbl, inventories are 9.0 MMbbl below last year (-2.0%) and are 5% below the five-year average for this time of year. Inventories in Cushing, OK, the NYMEX delivery point, fell 1.6 million barrels to a total of 28.8 million barrels. The Strategic Petroleum Reserve (SPR) rose 700,000 barrels from the prior week and stands at 376.5 million barrels, 8.1% above the year-ago level.
Domestic crude oil production fell 100,000bpd to 13.3 million barrels per day, 600,000 bpd higher than the year-ago period. Alaska oil production fell 28,000bpd to 387,000 bpd, while production in the Lower 48 fell 100,000bpd to 12.9 million barrels per day.
Gasoline inventories decreased by 2.9 million barrels (MMbbl) to a total of 222.2 MMbbl. At 222.2 MMbbl, inventories are up 6.0 MMbbl, or 2.8% higher than a year ago, and are about 3% below the five-year average for this time of year. Read full article
The U.S. Energy Information Administration (EIA) expects that U.S. residential electricity prices will increase by about 1% in 2024, the slowest rate of year-over-year growth since 2020. Natural gas prices have been falling since late 2023, and those lower prices are now being factored into retail electricity rates. Natural gas provides the largest share of U.S. electricity generation.
Conversely, EIA forecasts that the Brent crude oil price could increase to about $87 per barrel by the end of the year, according to the agency’s August Short-Term Energy Outlook (STEO). The Brent crude oil price is currently below $80 per barrel. EIA expects that continued oil production cuts from OPEC+ will reduce global oil inventories through the first quarter of 2025, which is likely to push oil prices up. Read full article
Baker Hughes Rig Count: U.S. -2 to 586 Canada unchanged at 217
U.S. Rig Count is down 2 from last week to 586 with oil rigs down 2 to 483, gas rigs up 1 to 98 and miscellaneous rigs down 1 to 5.
Canada Rig Count is unchanged from last week at 217, with oil rigs up 4 to 151, gas rigs down 3 to 66 and miscellaneous rig down 1.
International Rig Count is down 23 rigs to 934
The Worldwide Rig Count for July was 1,713, up 7 from the 1,707 counted in June 2024, and down 106, from the 1,819 counted in July 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 16 August 2024 | 586 | -2 |
| Canada | 16 August 2024 | 217 | — |
| International | July 2024 | 934. | -23 |
