production – Economic Thinking In Action

Both crude oil and natural gas prices decrease in March

WTI crude oil price decreased from $49.84 per barrel in February 2015 to $48.66 per barrel in March 2015. Natural gas price fell from $2.79 per million BTU (one million BTU is approximately 974 cubic feet) in February 2015 to $2.64 per million BTU in March 2015.

Texas crude oil production for January 2015 was 68,949,268 barrels, down from 77,599,222 barrels reported in December 2014. Texas natural gas production was 607,631,634 Mcf (thousand cubic feet) of gas in January 2015, down from the December 2014 gas production total of 674,495,129 Mcf.

Sources: eia.gov, rrc.state.tx.us

Natural gas prices decrease while crude oil prices rise in February

WTI crude oil price increased from $47.79 per barrel in January 2015 to $53.56 per barrel mid February 2015. Natural gas price fell from $2.88 per million BTU (one million BTU is approximately 974 cubic feet) in January 2015 to $2.75 per million BTU mid February 2015.

Texas crude oil production for December 2014 was 67,660,682 barrels, down from 74,910,932 barrels reported in November 2014. Texas natural gas production was 600,389,620 Mcf (thousand cubic feet) of gas in December 2014, down from the November 2014 gas production total of 675,593,444 Mcf.

Sources: eia.gov, rrc.state.tx.us

Natural gas prices increased while crude oil prices continue to fall in Dec.

WTI crude oil price decreased from $78.77 per barrel in November 2014 to $68.98 per barrel at the start of December 2014. Natural gas price rose from $3.82 per million BTU (one million BTU is approximately 974 cubic feet) in November 2014 to $4.30 per million BTU to start off December 2014.

Texas crude oil production for September 2014 was 65,824,450 barrels, down from 75,669,936 barrels reported in August 2014. Texas natural gas production was 595,603,581 Mcf (thousand cubic feet) of gas in September 2014, down from the August 2014 gas production total of 668,465,202 Mcf.

Sources: eia.gov, rrc.state.tx.us

Crude oil prices and natural gas prices decreased from September to October

prices_2014_10 Crude oil price decreased from $91.17 per barrel in September 2014 to $80.53 per barrel in October 2014. Natural gas price went down from $4.14 per million BTU (one million BTU is approximately 974 cubic feet) in September 2014 to $3.76 per million BTU in October 2014.

Texas crude oil production for August 2014 was 69,204,407 barrels, down from 73,329,467 barrels reported in July 2014. Texas natural gas production was 621,505,586 Mcf (thousand cubic feet) of gas in August 2014, down from the July 2014 gas production total of 662,617,068 Mcf.

Sources: eia.gov, rrc.state.tx.us

Crude oil prices decreased while natural gas prices increased from July to August

Crude oil price decreased from $98.23 per barrel in July 2014 to $97.86 per barrel in August 2014. Natural gas price went up from $3.78 per million BTU (one million BTU is approximately 974 cubic feet) in July 2014 to $4.04 per million BTU in August 2014.

production_2014_07

Texas crude oil production for July 2014 was 69,573,013 barrels, down from 70,108,403 barrels reported in April 2014. Texas natural gas production was 632,494,096 Mcf (thousand cubic feet) of gas in July 2014, down from the June 2014 gas production total of 639,345,631 Mcf.

Sources: eia.gov, rrc.state.tx.us