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Shale Growth Is Nearing An Inflection Point
Shale Growth Is Nearing An Inflection Point Drilling activity has plateaued in much of the U.S., with the rig count zig-zagging well below the peak from last November. The rig count often rises and falls in response to oil prices, but on a several-month lag. It takes some time before oil companies make drilling decisions […]
U.S. Rig Count Continues To Rise As Canadian Rig Count Plunges
U.S. Rig Count Continues To Rise As Canadian Rig Count Plunges Baker Hughes reported another 5-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 995, which is an addition of 186 rigs year over year. The number of oil rigs in […]
What’s Behind The Canadian Rig Count Crash
What’s Behind The Canadian Rig Count Crash The U.S. rig count has been on the rise for months, despite some recent hiccups, but Canada’s rig count recently plunged amid low oil prices. Canada’s rig count fell from 210 to 136 for the week ending on December 29, a massive drop off. That took the rig […]
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 […]
Saudi Arabia’s Oil-Price War Is With Stupid Money
Saudi Arabia’s Oil-Price War Is With Stupid Money Saudi Arabia is not trying to crush U.S. shale plays. Its oil-price war is with the investment banks and the stupid money they directed to fund the plays. It is also with the zero-interest rate economic conditions that made this possible. Saudi Arabia intends to keep oil prices low for as […]
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 […]
Deciphering The Latest Rig Count Data
Deciphering The Latest Rig Count Data The main take-away from this week’s rig count is that everything is on track for lower U.S. oil production by mid-year. The weekly changes vary but the overall trend since October is down and that is positive for achieving a better balance between supply and demand. Please remember the […]
Rig Count Decline Re-Accelerates To 2nd Biggest Drop In 22 Years
Rig Count Decline Re-Accelerates To 2nd Biggest Drop In 22 Years Following last week’s slowing in the pace of rig count, crude prices dropped and then spiked, and it makes today’s data under more scrutiny. At around $49.50, WTI prices have round-tripped back almost perfectly to the scene of the crime before today’s rig count […]
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 […]
The Fracking Bust Exacts its Pound of Flesh
The Fracking Bust Exacts its Pound of Flesh Breath-taking booms and obliterating busts have made the oil and gas business. Booms draw money, which begets more money, which allows for technologies to be invented or perfected, and it builds enthusiasm that turns into blind faith among investors, and they throw more money at it. The […]
Oil Price Crash – What Next?
Oil Price Crash – What Next? In the fast moving oil market much of the fundamental data only becomes available for general consumption at least one month in arrears. But EIA oil price data and Baker Hughes rig counts are available weekly and with much action going on it is worthwhile updating. The price plunge seems to have reversed, […]
Essential Oil Production Statistics – February 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 […]
What The Rig Plunge Really Means For The Price Of Oil
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 […]
