The Gaffney, Cline & Associates (GCA) US Oil & Gas Monitor, launched on 9 January 2015 to track onshore and Gulf of Mexico (GoM) activity in the light of the oil price crash, continues to show a steady decline generally tracking that seen six years ago in the 2008-2009 oil price crash.
The Baker Hughes rig count showed a fall of a further 43 over the past week in the US onshore total, with this now having declined by 297 from a 2014 high of 1,876 in November down to 1,579 on January 23, 2015.
The GCA Indices for rig count and oil price are a comparison of today’s data with the average in the three month period April to June 2014. Changes this week places the GCA Index for US onshore rigs at 88, compared to 90 the previous week. The GCA Index for Brent fell two points to 44 during the week with a closing price of $48.68.