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Sharp Rise In Rig Count Pressures Oil Prices
Sharp Rise In Rig Count Pressures Oil Prices The the number of active oil and gas rigs rose by 19 after two weeks of big losses in the United States this week according to Baker Hughes, in a sign that US production is still set for increases. The total number of active oil and gas […]
Slipping Rig Count Can’t Keep Oil Prices From Falling
Slipping Rig Count Can’t Keep Oil Prices From Falling Baker Hughes reported a 4-rig decrease for oil and gas in the United States this week—a loss in rigs for the third week in a row. The four-rig decline was all on the oil-rig side, with gas rigs holding steady. The total number of active oil […]
Rig Count Drops As U.S. Crude Output Hit 11 Million Bpd
Rig Count Drops As U.S. Crude Output Hit 11 Million Bpd Baker Hughes reported a decreased number of active oil and gas rigs in the United States on Friday. Oil and gas rigs decreased by 8 rigs, according to the report, with the number of active oil rigs falling by 5 to 858 this week, […]
Rig Count Falters Amid Oil Price Correction
Rig Count Falters Amid Oil Price Correction Baker Hughes reported a dip in the number of active oil and gas rigs in the United States today. Oil and gas rigs decreased by 3 rigs, according to the report, with the number of oil rigs increasing by 1, and the number of gas rigs decreasing by […]
U.S. Rig Count Falls Slightly As Canada’s Rig Count Tanks
U.S. Rig Count Falls Slightly As Canada’s Rig Count Tanks The number of active oil and gas rigs dipped this week, according to Baker Hughes data, decreasing by 2 rigs, bringing the total rigs to 929 rigs, which is an addition of 271 rigs for the 2017 calendar year. The number of oil rigs in […]
Oil Production Vital Statistics March 2016
Oil Production Vital Statistics March 2016 Since the possible double bottom at $26 formed on February 11th the oil price has staged a rally to $40 (WTI). Traders lucky enough to buy at $26 and sell at $40 have pocketed a tidy 54% profit. Very few will have been this lucky. The trade was stimulated […]
Shale Gas Rig Count Could Implode Here If Prices Don’t Rebound
Shale Gas Rig Count Could Implode Here If Prices Don’t Rebound The Haynesville Shale play needs $6.50 gas prices to break even. With natural gas prices just above $2/Mcf (thousand cubic feet), we question the shale gas business model that has 31 rigs drilling wells in that play that cost $8-10 million each to sell gas at […]
Has The E&P Industry Lost Touch With Reality?
Has The E&P Industry Lost Touch With Reality? The U.S. rig count increased by 19 this week as oil prices dropped below $48 per barrel–the latest sign that the E&P industry is out of touch with reality. Getty Images from The New York Times (July 26, 2015) The last time the rig count increased this […]
Don’t Believe The Hype On U.S. Shale Growth
Don’t Believe The Hype On U.S. Shale Growth The OPEC Free Fall There is a popular narrative going around that I want to address in today’s article. Last November, after several months of plummeting crude oil prices, the Organization of the Petroleum Exporting Countries (OPEC) met to discuss the oil production quotas for each country […]
Oil Price Recovery May Be Too Much Too Soon
Oil Price Recovery May Be Too Much Too Soon Oil prices have hit their highest levels in 2015, with WTI surging above $60 per barrel. Crude oil inventories in the U.S. declined for the first time since December 2014, perhaps indicating that the glut could be easing. The EIA reported that oil stockpiles fell by 3.9 million […]
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 […]
This Chart Shows the True Collapse of Fracking in the US
This Chart Shows the True Collapse of Fracking in the US “People need to kinda settle in for a while.” That’s what Exxon Mobil CEO Rex Tillersonsaid about the low price of oil at the company’s investor conference. “I see a lot of supply out there.” So Exxon is going to do its darnedest to add […]
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 […]
Fracking Bust Deepens, Sets Records
Fracking Bust Deepens, Sets Records The fracking bust that is following the phenomenal fracking boom is deepening relentlessly, week after week, and there is still no respite in sight. Drilling activity peaked in October last year, when 1,606 rigs were drilling for oil, with a four-month lag behind oil prices. But by October it was clear […]
