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U.S. Oil Rig Count Falls As Gas Rig Count Soars
U.S. Oil Rig Count Falls As Gas Rig Count Soars Baker Hughes reported another 3-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 984, which is an addition of 216 rigs year over year. Despite the overall increase, the number of […]
Rig Count Slumps To 3-Month Lows As US Crude Production Collapses
Rig Count Slumps To 3-Month Lows As US Crude Production Collapses US crude production collapsed this week with most of Texas offline and we would expect rig counts to have continued to stabilize (if not fall) following the lagged track of WTI, and they did – oil rigs dropped 3 to 756, the lowest since […]
US Crude Production Stalls As Oil Rig Count Rolls Over
US Crude Production Stalls As Oil Rig Count Rolls Over Amid the chaos and turmoil caused by Harvey, today’s rig count data is likely to change things as much as a fart in a hurricane. US crude production in the Lower 48 actually fell last week, syncing with the stabilization in the lagged oil rig […]
Rig Count Rises To April 2015 Highs As Analysts Warn “Oil Market Rebalancing Hasn’t Even Started Yet”
Rig Count Rises To April 2015 Highs As Analysts Warn “Oil Market Rebalancing Hasn’t Even Started Yet” After falling for the first time this year two weeks ago, Baker Hughes reports US oil rig count rose once again (up 2 to 765) for the 24th week in the last 25, to the highest since April […]
US Oil Rig Count Rises For 23rd Straight Week But High Costs Drive Investors Out Of The Permian
US Oil Rig Count Rises For 23rd Straight Week But High Costs Drive Investors Out Of The Permian The number of oil rigs in America has now risen for 23 straight weeks (and 50 of the last 52 weeks), up 11 to 758 in the last week – the highest since April 2015. “It’s becoming bearish […]
Lower 48 Production Nears Cycle Highs As Rig Count Rises For 18th Straight Week
Lower 48 Production Nears Cycle Highs As Rig Count Rises For 18th Straight Week While much was made of this week’s drop in US crude production, it was driven by an Alaskan supply drop, not the Lower 48 whose production is at Aug 2015 highs. WTI back above $50 on the back of more OPEC […]
US Crude Production Tops 9 Million Barrels As Rig Count Hits 16-Month Highs
US Crude Production Tops 9 Million Barrels As Rig Count Hits 16-Month Highs The US oil rig count rose once again this week (up 5) to 602 – the highest since October 2015. US crude production is surging – back above 9 million barrels/day in the last week – the largest since April 2016. The […]
US Oil Rig Count Points To A Sharp Decline In Production
US Oil Rig Count Points To A Sharp Decline In Production The North American Baker Hughes Rig Count came out Friday. The decline continues. Baker Hughes gives an oil and gas breakout for every basin and state with five years of historical data. Baker Hughes has twenty eight and one half years of historical data for total […]
The U.S. Production Decline Has Begun
The U.S. Production Decline Has Begun It is not because of decreased rig count. It is because cash flow at current oil prices is too low to complete most wells being drilled. The implications are profound. Production will decline by several hundred thousand of barrels per day before the effect of reduced rig count is fully […]
Big Hit For U.S. Oil Production In January
Big Hit For U.S. Oil Production In January U.S. crude oil production fell at least 135,000 barrels of oil per day in January 2015 compared to December 2014 according to the EIA (Figure 1). Figure 1. U.S. crude oil production. Source: EIA and Labyrinth Consulting Services, Inc. (Click image to enlarge) Related: Latest EIA Predictions Should Be […]
11 Signs That We Are Entering The Next Phase Of The Global Economic Crisis
11 Signs That We Are Entering The Next Phase Of The Global Economic Crisis Well, the Nasdaq finally did it. It has climbed all the way back to where it was at the peak of the dotcom bubble. Back in March 2000, the Nasdaq set an all-time record high of 5,048.62. On Thursday, after all […]
The Latest Media Attempts To Suppress Oil Prices
The Latest Media Attempts To Suppress Oil Prices It started with the Iranian supply overhang and has grown louder by the day in the media. While we were all supposed to be cowering in fear at the 1MB/D that would be coming from Iran any day, it emerged instead that not only is the deal […]
Rig Count Data Shows Gulf States Cranking Up Pressure On The U.S.
Rig Count Data Shows Gulf States Cranking Up Pressure On The U.S. The global rig count statistics published by Baker Hughes provide a crucial industry activity indicator and some of the most up to date industry statistics available. This is a short report updating international statistics to March 2015 and US statistics to 10 April 2015. Figure […]
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 […]
This Is What Will Determine If Oil Prices Go Up Or Down
This Is What Will Determine If Oil Prices Go Up Or Down It appears as if oil prices could be on the verge of a rebound, with new data showing that the U.S. oil patch is hitting an inflection point. While specific shale regions – such as North Dakota’s Bakken and Texas’ Eagle Ford – have posted […]
