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Decline In U.S. Oil Rigs Sends WTI Higher
Decline In U.S. Oil Rigs Sends WTI Higher The the number of active oil and gas rigs fell in the United States this week according to Baker Hughes. The total number of active oil and gas drilling rigs fell by 3 according to the report with the number of active oil rigs gaining 2 to […]
Rig Count Falls As U.S. Oil Output Flatlines
Rig Count Falls As U.S. Oil Output Flatlines Baker Hughes reported another dip in the number of active oil and gas rigs in the United States today. Oil and gas rigs decreased by 7 rigs, according to the report, with the number of oil rigs decreasing by 1, and the number of gas rigs decreasing […]
Oil Prices Tank As U.S. Drillers Add Massive Number Of Rigs
Oil Prices Tank As U.S. Drillers Add Massive Number Of Rigs As if the recent nosedive that oil prices have taken in the last few days wasn’t bad enough—Baker Hughes reported a staggering increase to the number of rigs. The number of active oil and gas rigs increased by 29 to Baker Hughes data. This […]
Rig Count Drops Most In 7 Months As ‘Traders’ Panic-Buy Crude Futures
Rig Count Drops Most In 7 Months As ‘Traders’ Panic-Buy Crude Futures The US oil rig count dropped 5 to 763 last week, the biggest drop in 7 months. However, crude production from the Lower 48 has surged (rising the most since June last week) to the highest since July 2015. Even with today’s sheer […]
A True Jobs Massacre Spreads in US Oil & Gas
A True Jobs Massacre Spreads in US Oil & Gas It’s been tough for US oil companies. And even tougher for their investors. The hero du jour is Marathon Oil. Today afterhours it reported an eye-popping 48% plunge in revenues in the second quarter and a net loss of $386 million. To stem the bleeding, it slashed capital […]
Oil Rigs Down Almost Universally
Oil Rigs Down Almost Universally All rig count data is provided by Baker Hughes. All monthly charts are oil rigs only. Gas rigs are not included in the count. The last data point for all monthly charts is April 2015. When I talk about “peaks” in this post I am only speaking of the peak since 2011 and […]
Total Rig Count Decline Fastest Since 1986 As Weekly Rig Count Drop Re-Accelerates
Total Rig Count Decline Fastest Since 1986 As Weekly Rig Count Drop Re-Accelerates With crude production and inventories hitting record highs this week, it is likely no surprise that rig counts continued to decline – falling 40 to 988 total rigs (and down 42 to 760 oil rigs). This is the 18th week in a row of total […]
Where Have All The Rigs Gone?
Where Have All The Rigs Gone? Baker Hughes publishes a weekly oil and gas rig count by producing basin. I have created charts of all the most productive basins in order that we can see where oil and gas rigs are increasing or decreasing. Their historic rig count, by basin, goes back 4 years. It needs […]
Oil Prices Don’t Change Because of Rig Count
Oil Prices Don’t Change Because of Rig Count Oil prices don’t change based on weekly rig count reports. Yet every week, there are proclamations by analysts that oil prices are poised to recover because of some change in the Baker Hughes North American rig count. Others state that U.S. tight oil production will continue to rise despite falling […]
Low Prices Lead To Layoffs In The Oil Patch
Low Prices Lead To Layoffs In The Oil Patch. Crude oil is set to close out a shocking year with a fresh five-year price low in the final days of 2014, falling more than 50 percent from their June highs. The decline continues to bedevil the markets. Sensing a rally was in order, speculators had […]
Low Oil Prices Hurting U.S. Shale Operations
Low Oil Prices Hurting U.S. Shale Operations. Slumping oil prices are putting pressure on U.S. drillers. The number of active rigs drilling for oil and gas fell by their most in two months, according to the latest data from oil services firm Baker Hughes. There were 19 oil rigs that were removed from operation as of […]
