The benchmark prices, price outlook, and drilling activity that move the value of a mineral or royalty interest, in one place and refreshed from the U.S. Energy Information Administration. Free to read and free to cite with attribution.
Snapshot (as of 2025-11): WTI crude oil is $51.00/bbl and Henry Hub natural gas is $4.02/MMBtu. The U.S. Lower 48 had about 517 active drilling rigs as of 2025-10. Mineral and royalty owners are paid on a realized price, which is the benchmark minus the local basis differential, post production deductions, and severance taxes, so it is usually below the headline number shown here.
Live daily spot prices from the EIA API appear here automatically once the data service runs its first refresh. The figures below are the latest published EIA outlook and drilling activity.
| Metric | Value | As of | Source |
|---|---|---|---|
| WTI crude oil, 2026 average (forecast) | $51.00 /bbl | 2025-11 | EIA Short-Term Energy Outlook |
| Henry Hub natural gas, 2026 average (forecast) | $4.02 /MMBtu | 2025-11 | EIA Short-Term Energy Outlook |
| US Lower 48 active drilling rigs | 517 rigs | 2025-10 | Baker Hughes via EIA |
| Oil directed rigs | 397 rigs | 2025-10 | Baker Hughes via EIA |
| Gas directed rigs | 120 rigs | 2025-10 | Baker Hughes via EIA |
| Recent peak, for context | 750 rigs | 2022-12 | Baker Hughes via EIA |
Why owners do not receive the price shown here: oil and gas sell at a local price (the benchmark minus a basin basis differential), and your royalty is paid after marketing and transportation deductions and severance taxes, so the realized price on your check is normally below the headline benchmark. For valuing an interest, the industry uses the forward price curve for the next year or two rather than today's spot, because modern wells front load most of their production into the first few years.
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Related: Is your offer fair? The owner's valuation guide · County production lookup · Production by state · State tax on royalties
A short quarterly note on oil and gas prices and drilling activity, plus the Owner's Valuation and Offer Guide. Written for mineral and royalty owners, not traders. No sales pressure.