London, February 12, 2025 (Oilandgaspress) –-The American Petroleum Institute (API) estimated that crude oil inventories in the United rose by a massive 9.043 million barrels for the week ending January 31.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $72.56 | Down |
| Crude Oil (Brent) | USD/bbl | $76.30 | Down |
| Bonny Light 06/02/25 CBN | USD/bbl | $76.86 | — |
| Dubai | USD/bbl | $77.04 | — |
| Natural Gas | USD/MMBtu | $3.48 | Down |
| Murban Crude | USD/bbl | $78.67 | Down |
| OPEC basket 11/02/25 | USD/bbl | $78.31 | Up |
The U.S. Energy Information Administration (EIA) published its February Short-Term Energy Outlook (STEO), revising its forecast for 2025 average U.S. benchmark Henry Hub natural gas spot prices upward following a cold end to January.
| U.S. energy market indicators | 2024 | 2025 | 2026 |
|---|---|---|---|
| Brent crude oil spot price (dollars per barrel) | $81 | $74 | $66 |
| Retail gasoline price (dollars per gallon) | $3.30 | $3.20 | $3.10 |
| U.S. crude oil production (million barrels per day) | 13.2 | 13.6 | 13.7 |
| Natural gas price at Henry Hub (dollars per million British thermal units) | $2.20 | $3.80 | $4.20 |
| U.S. liquefied natural gas gross exports (billion cubic feet per day) | 12 | 14 | 16 |
| Shares of U.S. electricity generation | |||
| Natural gas | 43% | 40% | 39% |
| Coal | 16% | 16% | 15% |
| Renewables | 23% | 25% | 27% |
| Nuclear | 19% | 19% | 19% |
| U.S. GDP (percentage change) | 2.8% | 2.1% | 2.0% |
| U.S. CO2 emissions (billion metric tons) | 4.8 | 4.8 | 4.8 |
| Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 2025 | |||
Baker Hughes Rig Count: U.S. +4 to 586 Canada -9 to 249
U.S. Rig Count is up 4 from last week to 586 with oil rigs up 1 to 480, gas rigs up 2 to 100 and miscellaneous rigs up 1 to 6.
Canada Rig Count is down 9 from last week to 249, with oil rigs down 9 to 177, gas rigs unchanged at 72 and miscellaneous rigs unchanged at 0.
International Rig Count is down 4 rigs from last month to 905 with land rigs up 1 to 713, offshore rigs up 5 to 197. International Rig Count is down 60 rigs from last year’s count of 965, with land rigs down 27, offshore rigs down 33.
The Worldwide Rig Count for January was 1,696, up 36 from the 1,660 counted in December 2024, and down 87, from the 1,783 counted in January 2024.
| Region | Period | Rig Count | Change |
| U.S.A | 07 February 2025 | 586 | +4 |
| Canada | 07 February 2025 | 249 | -9 |
| International | January 2025 | 905 | -4 |
| Baker Hughes |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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