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As The US Rig Count Collapses Most Since 2014, Will The Fed Bail Out Oil Companies?
As The US Rig Count Collapses Most Since 2014, Will The Fed Bail Out Oil Companies? After a chaotic week in the energy complex, today’s data from Baker Hughes suggests American oil companies are finally starting to draw the line as rig counts collapse to their lowest since July 2016, having collapsed at the fastest […]
Capital Flight Is Killing The US Shale Boom
Capital Flight Is Killing The US Shale Boom The growth in U.S. shale production is grinding to a halt as low prices put drillers in a financial vice. The slowdown has been unfolding for much of 2019, but the latest slide in oil prices is another blow to cash-strapped companies. Share prices for many E&Ps […]
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 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 […]
U.S. Rig Count Inches Higher As Canadian Rig Count Slips
U.S. Rig Count Inches Higher As Canadian Rig Count Slips 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 981, which is an addition of 225 rigs year over year. The number of oil rigs in the […]
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 […]
US Rig Count Soars Most In 10 Months As Production Hits Record High
US Rig Count Soars Most In 10 Months As Production Hits Record High US rig counts rose by 12 in the last week – the biggest rise since March 2017 – as the lagged crude price is sparking more drilling and in turn sending production surging to a new record high… just shy of Saudi […]
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 […]
Production, Rig Count Surge As Exxon Bets Big On U.S. Shale
Production, Rig Count Surge As Exxon Bets Big On U.S. Shale US oil rig counts rose for the7th straight week (up 7 to 609) to the highest level since October 2015. With production surging back above 9mm b/d – the highest in a year – the trend in the rig count implies considerably more production to […]
The Oil War Is Only Just Getting Started
The Oil War Is Only Just Getting Started It’s been a month now that investors and analysts have been closely watching two main drivers for oil prices: how OPEC is doing with the supply-cut deal, and how U.S. shale is responding to fifty-plus-dollar oil with rebounding drilling activity. Those two main factors are largely neutralizing […]
As Rig Count Plunges, Has U.S. Oil Reached Its Capitulation Point?
As Rig Count Plunges, Has U.S. Oil Reached Its Capitulation Point? The big drop in rig count for the week that ended last Friday points to capitulation by U.S. shale drillers. The total land rig count fell by 37 rigs and the horizontal rig count fell by 30 rigs (Figure 1). Figure 1. U.S. shale play […]
Rig Count: Capitulation?
Rig Count: Capitulation? After last week’s moderate drop in rig count, the amount of horizontal oil rigs seems to implode this week. The U.S. land rig count was down 37 this week and the land horizontal rig count was down 30. Is this capitulation? Hard to say but it’s the biggest drop since March 2015. […]
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 […]
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 […]
Rig Count Drops For 14th Week In A Row, Fastest Rate In 29 Years
Rig Count Drops For 14th Week In A Row, Fastest Rate In 29 Years For the 14th week in a row, the US rig count fell 67 rigs to 1125, (a 5.6% drop to 41.4%, bigger than March 09’s previous record 14-week decline of 41%). The decline in rigs contionues to tyrack the lagged oil price perfectly but […]
