A little good news, the Louisiana Offshore Rig Count increased by 20% from the previous week, the bad news is it is only 12% above it’s all time low from 1987. Gulfslope’s Tau Prospect is in Louisiana federal offshore waters.
Crude is holding due to several reasons, a couple being OPEC’s efforts and crude oil inventories declining by 8 million barrels from the previous week.
On April 27th OPEC highlighted the continuing recovery in the global economy, and noted that it is “expected to pick up speed in the second half of the year”.