The number of drilling rigs at work in Texas at the end of August was 456, much higher than last year but slightly down from last month, according to oilfield services firm Baker Hughes. Nationally, there were 940 rigs at work, a decrease from 946 at this time last month. Overall, US crude production continues to slowly trend upward at around 9.53 million barrels/day.
The price of oil remained relatively flat but decreased throughout August and settled at a one month low. The surplus in global supply continues, but in the first two weeks of August, OPEC's crude oil exports decreased and oil prices increased slightly.