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Essential Oil Production Statistics – February 2015

February 3, 2015

Essential Oil Production Statistics – February 2015 This is the second in a monthly series of posts chronicling the action in the global oil market in 12 key charts. The January 2015 post is here. EIA oil price and Baker Hughes rig count charts are updated to end January 2015, the remaining oil production charts are updated to December 2014 […]

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What The Rig Plunge Really Means For The Price Of Oil

February 3, 2015

What The Rig Plunge Really Means For The Price Of Oil Arguably the biggest catalyst for the surge in crude, in addition to the technical move which started off with a vicious short squeeze into the NYMEX close last Friday, was last week’s record drop in the Baker Hughes rig count to 1,223, down from […]

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Worldwide Drilling Productivity Report

January 27, 2015

Worldwide Drilling Productivity Report The EIA publishes what they call a Drilling Productivity Report in which they claim that each rig is getting more productive, that is each rig produces just a little more oil each month than it did the previous month. But over the long haul, I find that the exact opposite is true. In […]

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Oil Price Collapse Hurting Some More Than Others

January 20, 2015

Oil Price Collapse Hurting Some More Than Others U.S. oil and gas rig counts dropped to their lowest level in over four years, falling by an additional 74 units for the week ending on January 16. The lower count provides fresh evidence that low oil prices are forcing drillers to pare back operations and slash spending. While […]

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Guest Post: Calculating The Breakeven Price For The Median Bakken Shale Well | Zero Hedge

December 19, 2014

Guest Post: Calculating The Breakeven Price For The Median Bakken Shale Well | Zero Hedge. A lot of data has been thrown around recently concerning the Bakken shale wells of North Dakota in an attempt to figure out the necessary oil price required to break even on the investment.  In order to get a clearer […]

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US Oil Rig Count Tumbles Most In Over 5 Years,”Demand From Oilfield Customers Dropping Rapidly” | Zero Hedge

December 19, 2014

US Oil Rig Count Tumbles Most In Over 5 Years,”Demand From Oilfield Customers Dropping Rapidly” | Zero Hedge. “Unequivocally” not good. Following last week’s surge in initial jobless claims for ‘Shale’ states, Baker Hughes confirms rig counts continue to tumble.  The last two weeks have seen the total US rig count fall the most since 2009 (and […]

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US Oil Rig Count Tumbles Most In 2 Years | Zero Hedge

December 12, 2014

US Oil Rig Count Tumbles Most In 2 Years | Zero Hedge. We warned just a week ago that the lag between initial price declines in oil and the closure of rigs was between 4 and 6 months and just as we warned of the deja-vu all over again, Banker Hughes reports that the Rig Count this […]

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Global Drilling Slowdown On The Way

December 5, 2014

Global Drilling Slowdown On The Way. Baker Hughes rig count statistics show how drilling reacted to earlier falls in the oil price. There is always a time lag of months between an oil price event and a change in drilling. There are faint signs of US drilling starting to turn down and quite clear signs […]

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