Baker Hughes reports U.S. rig count down 12 to 759 rigs
Baker Hughes (BKR) reports that the U.S. rig count is down 12 from last week to 759 with oil rigs down 10 to 599, gas rigs down 2 to 158 and miscellaneous rigs unchanged at 2.
The U.S. Rig Count is up 146 rigs from last year’s count of 613 with oil rigs up 102, gas rigs up 42 and miscellaneous up 2.
The U.S. Offshore Rig Count is down 1 to 12, down 4 year-over-year. The Canada Rig Count is up 2 from last week to 249, with oil rigs up 2 to 159, gas rigs unchanged at 90.
The Canada Rig Count is up 31 rigs from last year’s count of 218 with oil rigs up 23, gas rigs up 8.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is down $2.05 to $73.81 per barrel (down from a high of $123.70). Brent crude is down $2.06 to $80.19 per barre (down from a high of $127.98). Gasoline last traded at $2.349 per gallon (down from a high of $4.31 per gallon).
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 4 to 763 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 4 from last week to 763.
U.S. Rig Count is up 251 rigs from last year’s count of 511 with oil rigs up 239, gas rigs up 58 and miscellaneous rigs up 4.
The U.S. Offshore Rig Count is unchanged at 16, up one year-over-year.
The Canada Rig Count is up 6 from last week to 211, with oil rigs up 3 to 140, gas rigs down 4 to 63.
The Canada Rig Count is up 47 rigs from last year’s count of 156, with oil rigs up 45, gas rigs up 3 and miscellaneous rigs down 1.
The International Rig Count is up 27 rigs to 860 and up 81 from last year’s count.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
Rig Counts Rise – See Stockwinners.com Market Radar to read more
West Texas Intermediate (WTI) is up 28 cents to $85.34 per barrel (down from a high of $123.70). Brent crude is up $0.72 to $91.54 per barre (down from a high of $127.98). Gasoline last traded at $2.418 per gallon (down from a high of $4.31 per gallon).
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count down 3 to 764 rigs
Baker Hughes (BKR) reports that the U.S. rig count is down 3 from last week to 764 with oil rigs down 7 to 598, gas rigs up 4 to 161 and miscellaneous rigs unchanged at 5.
U.S. Rig Count is up 273 rigs from last year’s count of 491 with oil rigs up 211, gas rigs up 58 and miscellaneous rigs up 4.
The U.S. Offshore Rig Count is down 1 to 16, up 2 year-over-year.
The Canada Rig Count is down 1 from last week to 203, with oil rigs up 3 to 140, gas rigs down 4 to 63.
The Canada Rig Count is up 47 rigs from last year’s count of 156, with oil rigs up 45, gas rigs up 3 and miscellaneous rigs down 1.
Rig Counts Rise to a 2-year high
The Canada Rig Count is up 28 rigs from last year’s count of 126, with oil rigs up 22, gas rigs up 6.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
Rig Counts Rise – See Stockwinners.com Market Radar to read more
West Texas Intermediate (WTI) is up 72 cents to $89.24 per barrel (down from a high of $123.70). Brent crude is up $0.90 to $95.04 per barre (down from a high of $127.98). Gasoline last traded at $2.869 per gallon (down from a high of $4.31 per gallon).
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 13 to 753 rigs
Baker Hughes reports that the U.S. rig count is up 13 from last week to 753 with oil rigs up 10 to 594, gas rigs up 3 to 157 and miscellaneous rigs unchanged at 2.
The U.S. Rig Count is up 283 rigs from last year’s count of 470 with oil rigs up 222, gas rigs up 59 and miscellaneous rigs up 2.
The U.S. Offshore Rig Count is flat at 16, up 2 year-over-year.
The Canada Rig Count is down 2 from last week to 154, with oil rigs flat at 104, gas rigs down 2 to 50.
Rig Counts Rise to a 2-year high
The Canada Rig Count is up 28 rigs from last year’s count of 126, with oil rigs up 22, gas rigs up 6.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $2.20 to $106.47 per barrel. Brent crude is up $2.02 to $112.17 per barrel. Gasoline last traded at $3.82 per gallon up 5 cents on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 3 to 698 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 3 from last week to 698 with oil rigs up 3 to 552, gas rigs unchanged at 144 and miscellaneous rigs unchanged at 2.
The U.S. Rig Count is up 258 rigs from last year’s count of 440 with oil rigs up 210, gas rigs up 48 and miscellaneous rigs unchanged at 2.
The U.S. Offshore Rig Count is up 1 to 14, up 1 year-over-year.
The Canada Rig Count is down 6 from last week to 95, with oil rigs down 3 to 45, gas rigs down 3 to 50.
The Canada Rig Count is up 44 rigs from last year’s count of 51, with oil rigs up 25, gas rigs up 19.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $1.10 to $106.39 per barrel. Brent crude is up $1.42 to $108.72 per barrel. Gasoline last traded at $3.474 per gallon flat on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count unchanged at 650 rigs
Baker Hughes (BKR) reports the U.S. rig count is unchanged from last week at 650, with oil rigs down 3 to 519, gas up 3 to 130, and miscellaneous rigs unchanged at 1.
The U.S. rig count is up 247 rigs from last year’s count of 403 with oil rigs up 209 gas rigs up 38 and miscellaneous unchanged at 1.
The U.S. offshore rig count is unchanged at 12, down 2 year-over-year.
Canada Oil Rig Count is at a current level of 134, down from 138 last week and up from 92 one year ago. This is a change of -2.90% from last week and 45.65% from one year ago.
Goldman Sachs
Meanwhile, Goldman Sachs raised it’s target price on the West Texas Intermediate (WTI) to $150 per barrel by this Summer as pressure builds up to sanction Russian crude oil imports.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $7.71 to $115.39 per barrel. Brent crude is up $7.36 to $117.92 per barrel. Gasoline last traded at $3.524 per gallon up 24.1 cents on the day. Get ready to pay substantially more at the pump.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 7 to 576 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 7 from last week to 576 with oil rigs up 4 to 471, gas up 3 to 105, and miscellaneous rigs unchanged at 0.
The U.S. Rig Count is up 238 rigs from last year’s count of 338, with oil rigs up 213 gas rigs up 26 and miscellaneous rigs down 1.
The U.S. Offshore Rig Count is up 1 to 14, up 1 year-over-year.
The Canada Rig Count is down 3 from last week to 177, with oil rigs down 3 to 110, gas rigs unchanged at 67.
The Canada Rig Count is up 66 rigs from last year’s count of 111, with oil rigs up 58, gas rigs up 8.
The U.S. offshore rig count rose by one.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $1.01 to $71.95 per barrel. Brent crude is up $0.95 to $75.35 per barrel. Gasoline last traded at $2.142 per gallon up 1.4 cents on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 6 to 503 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 6 from last week to 503 with oil rigs up 7 to 401, gas rigs down 1 to 101, and miscellaneous rigs unchanged at 1.
Oil Rigs, See Stockwinners.com Market Radar to read the latest on oil and rig count
The U.S. Rig Count is up 249 rigs from last year’s count of 254, with oil rigs up 221 gas rigs up 30 and miscellaneous rigs down 2 to 1.
The U.S. Offshore Rig Count is up 4 to 6, down 9 year-over-year.
The Canada Rig Count is down 9 from last week to 143, with oil rigs down 5 to 87, gas rigs down 4 to 56.
The Canada Rig Count is up 91 rigs from last year’s count of 52, with oil rigs up 68, gas rigs up 23.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $1.61 to $69.75 per barrel. Brent crude is up $1.51 to $72.96 per barrel. Gasoline last traded at $2.15 per gallon up 5.3 cents on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 3 to 491 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 3 from last week to 491 with oil rigs up 2 to 387, gas rigs unchanged at 103, and miscellaneous rigs up 1 to 1.
Rig Counts Rise – See Stockwinners.com Market Radar to read more
The U.S. Rig Count is up 244 rigs from last year’s count of 247, with oil rigs up 211 gas rigs up 34 and miscellaneous rigs down 1.
The U.S. Offshore Rig Count is unchanged at 14, up 2 year-over-year.
The Canada Rig Count is up 3 from last week to 156, with oil rigs up 2 to 95, gas rigs up 1 to 60 and miscellaneous unchanged at 1.
The Canada Rig Count is up 109 rigs from last year’s count of 47, with oil rigs up 82, gas rigs up 26 and miscellaneous unchanged 1.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is down 54 cents to $68.55 per barrel. Brent crude is down $0.51 to $70.96 per barrel. Gasoline last traded at $2.28 per gallon down 2 cents on the day and down 10 cents for the week.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count down 3 to 488 rigs
Baker Hughes (BKR) reports the U.S. rig count is down 3 from last week to 488, with oil rigs down 2 to 385, gas rigs down 1 to 103, and miscellaneous rigs unchanged at 0.
Rig Counts Decline- See Stockwinners.com Market Radar to read more
The U.S. rig count is up 237 rigs from last year’s count of 251, with oil rigs up 205 gas rigs up 34 and miscellaneous rigs down 2.
The U.S. offshore rig count is down 3 to 14, up 2 year-over-year.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up 54 cents to $74.17 per barrel. Brent crude is up $0.51 to $75.61 per barrel. Gasoline last traded at $2.34 per gallon up 2 cents on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 2 to 457 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 2 from last week to 457 with oil rigs up 3 to 359, gas rigs down 1 to 98, and miscellaneous rigs unchanged at 0.
U.S. Rig Count is up 156 rigs from last year’s count of 301, with oil rigs up 137 gas rigs up 21 and miscellaneous rigs down 2.
The U.S. Offshore Rig Count is unchanged at 14, up 2 year-over-year.
Rig Counts Rise – See Stockwinners.com Market Radar to read more
The Canada Rig Count is up 4 from last week to 62, with oil rigs up 3 to 28, gas rigs up 1 to 34.
The Canada Rig Count is up 42 rigs from last year’s count of 20, with oil rigs up 21, gas rigs up 21.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up a penny to $66.86 per barrel. Brent crude is up $0.14 to $69.34 per barrel. Gasoline last traded at $2.17 per gallon up a penny.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count down 1 to 438 rigs
Baker Hughes (BKR) reports that the U.S. rig count is down 1 from last week at 438 with oil rigs down 1 to 343, gas rigs unchanged at 94, and miscellaneous rigs unchanged at 1.
Rig Counts Decline- See Stockwinners.com Market Radar to read more
The U.S. Rig Count is down 27 rigs from last year’s count of 465, with oil rigs down 35, gas rigs up 9 and miscellaneous rigs down 1.
The U.S. Offshore Rig Count is down 1 to 11, down 6 year-over-year.
The U.S. Offshore Rig Count is down 1 to 11, down 6 year-over-year.
The Canada Rig Count is down 1 from last week to 55, with oil rigs unchanged at 17, gas rigs down 1 to 38.
The Canada Rig Count is up 29 rigs from last year’s count of 26, with oil rigs up 9, gas rigs up 20.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $0.45 to $61.88 per barrel. Brent crude is up $0.44 to $65.850 per barrel. Gasoline last traded at $1.99 per gallon.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 1 to 403 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 1 from last week at 403 with oil rigs up 1 to 310, gas rigs unchanged at 92, and miscellaneous rigs unchanged at 1.
U.S. Rig Counts Rise – See Stockwinners.com Market Radar to read more
The U.S. Rig Count is down 390 rigs from last year’s count of 793, with oil rigs down 372, gas rigs down 17 and miscellaneous rigs down 1.
The U.S. Offshore Rig Count is down 3 to 14, down 9 year-over-year.
The Canada Rig Count is down 22 from last week to 141, with oil rigs down 12 to 80, gas rigs down 10 to 61.
The Canada Rig Count is down 62 rigs from last year’s count of 203, with oil rigs down 54, gas rigs down 8.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets. The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $2.12 to $66.00 per barrel. Brent crude is up $2.42 to $69.20 per barrel. Gasoline last traded at $2.06 per gallon, up 6 gallons on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Front-month WTI oil futures rallied over 2% to a 13-month high at $60.95.
A flaring up in the Yemeni civil war boosted crude prices, in addition to reflation-trade positioning, which is being aided by the ongoing tumble in world-wide positive Covid test results (now one third the January peak), alongside optimism about vaccination programs and prospects of big stimulus spending in the U.S. and EU.
Crude oil reaches $61 per barrel
Taking step back, the question is how much higher can oil prices go in a sustained manner.
Crude markets are now well into pre-pandemic ranges, yet global demand is not likely be restored for a considerable time.
OPEC lowers demand forecast
OPEC last week cut its 2021 oil demand projection by about 100 M barrels per day due to more severe than anticipated lockdowns in major economies in the first half of the year.
This forecast still assumes a global economic recovery in the latter half of the year on the back of successful vaccination programs. This puts the focus on supply, leaving aside the impact of a softening dollar, which is only a part of the story and is in any case a partial by-product of the demand for oil and other assets in the global reflation trade.
Higher oil prices justify shale production
The OPEC+ group are limiting quotas, which are being reviewed on a monthly basis.
Saudi Arabia unilaterally complemented this regime with an additional two-month output cut, which took effect this month and which has more than offset rising supply out of Libya and Iran.
Without talking numbers, this supply restraint is evidently proving effective given the oil price rise and the recent corresponding draw downs in global crude inventories.
But, U.S. shale oil production, which is viable again after the surge in oil prices, is rising and will have increasing impact — the rig count is already up 70% since the 2020 lows.
This is something the EIA forecasted in its February oil market report.
Then there is there question of continued OPEC discipline.
Saudi Arabia is unlikely to extend its unilateral supply reduction beyond March, as it won’t want to give up market share.
Discipline among the OPEC+ nations will be a factor going forward, and is more likely to weaken than strengthen.
The Saudi-Russian price war last year illustrated how quickly the dam of quota curtailment can burst, although a repetition of that episode seems highly unlikely.
JPM in a recent note forecast an “epic systemic short squeeze” will unfold over the next month, and a GS note mooted $150.0 as an upside target.
Analysts are less optimistic, being skeptical of the bullish supply gap hypothesis.
The oil industrial is well positioned, in terms of known and unexploited reserves, to respond to any sustained demand increases, while demand-quelling factors, such as the new trend for working from home, and alternative electrical powered transport is increasingly available.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 5 to 397 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 5 from last week to 397 with oil rigs up 7 to 306, gas rigs down 2 to 90, and miscellaneous rigs unchanged at 1.
Rig Counts Rise
The U.S. Rig Count is down 393 rigs from last year’s count of 790, with oil rigs down 372, gas rigs down 20 and miscellaneous rigs down 1.
The U.S. Offshore Rig Count is up 1 to 17, down 6 year-over-year. The Canada Rig Count is up 5 from last week to 176, with oil rigs up 6 to 101, gas rigs down 1 to 75.
The international offshore rig count for April 2018 was 194.
The Canada Rig Count is down 79 rigs from last year’s count of 255, with oil rigs down 71, gas rigs down 8.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets. The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $1.24 to $59.48 per barrel. Brent crude is up $1.34 to $62.50 per barrel. Gasoline last traded at $1.69 per gallon.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
