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February 5, 2021

Rig Counts Rise!

Baker Hughes reports U.S. rig count up 8 to 392 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 8 from last week to 392 with oil rigs up 4 to 299, gas rigs up 4 to 92, and miscellaneous rigs unchanged at 1.

https://stockwinners.com — Rig Counts Rise – See Stockwinners.com Market Radar to read more

The U.S. Rig Count is down 398 rigs from last year’s count of 790, with oil rigs down 377, gas rigs down 19 and miscellaneous rigs down 2.

The international offshore rig count for April 2018 was 194. Stockwinners — Offshore Rig Count is unchanged

The U.S. Offshore Rig Count is unchanged at 16, down 7 year-over-year. The Canada Rig Count is down 3 from last week to 171, with oil rigs down 3 to 95, gas rigs unchanged at 76.

The Canada Rig Count is down 86 rigs from last year’s count of 257, with oil rigs down 72, gas rigs down 14.

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 73 cents to $56.95 per barrel. Brent crude is up 50 cents to $59.50 per barrel. Gasoline last traded at $1.65 per gallon.

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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.

December 18, 2020

Rig counts rise!

Baker Hughes reports U.S. rig count up 8 to 346 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 8 from last week to 346 with oil rigs up 5 to 263, gas rigs up 2 to 81, and miscellaneous rigs up 1 to 2.

The U.S. Rig Count is down 467 rigs from last year’s count of 813, with oil rigs down 422, gas rigs down 44 and miscellaneous rigs down 1.

The U.S. Offshore Rig Count is up 3 to 16, down 8 year-over-year.

The Canada Rig Count is down 9 from last week to 102, with oil rigs down 11 to 41, gas rigs up 2 to 61.

The Canada Rig Count is down 47 rigs from last year’s count of 149, with oil rigs down 47, gas rigs unchanged.

Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Baker Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975. The North American rig count is released weekly at noon Central Time on the last day of the work week. The international rig count will be released on the last working day of the first week of the month.

The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

Brent crude is up $0.69 to $52.19 per barrel. West Texas Intermediate (WTI) crude is up $0.69 to $49.05 per barrel.

Gasoline last traded at $1.40 per gallon, up one cent.

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November 13, 2020

Rig counts rise!

Baker Hughes reports U.S. rig count up 12 to 312 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 12 from last week to 312 with oil rigs up 10 to 236, gas rigs up 2 to 73, and miscellaneous rigs unchanged at 3.

Baker Hughes has been reporting weekly rig counts for more than 50 years

The U.S. Rig Count is down 494 rigs from last year’s count of 806, with oil rigs down 438, gas rigs down 56 and miscellaneous rigs unchanged at 3.

The U.S. Offshore Rig Count is up 1 to 13, down 9 year-over-year.

The Canada Rig Count is up 3 from last week to 89, with oil rigs up 2 to 39, gas rigs up 1 to 50.

The Canada Rig Count is down 45 rigs from last year’s count of 134, with oil rigs down 49, gas rigs up 4.

Brent crude is down $0.83 to $42.70 per barrel. West Texas Intermediate (WTI) crude is down $1.00 to $40.12 per barrel.

Gasoline last traded at $1.12 per gallon, down 3 cents.

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October 30, 2020

Rig Counts Rise!

Baker Hughes reports U.S. rig count up 9 from last week to 296

Baker Hughes (BKR) reports the U.S. rig count is up nine from last week to 296 with oil rigs up 10 to 221, gas rigs down one to 72, and miscellaneous rigs unchanged at three.

U.S. Rig Count is down 526 rigs from last year’s count of 822, with oil rigs down 470, gas rigs down 58 and miscellaneous rigs up two.

The U.S. offshore rig count is unchanged at 13, down nine year-over-year.

Oil Rigs, See Stockwinners.com Market Radar to read the latest on oil and rig count

The Canada rig count is up three from last week to 86, with oil rigs down two to 40, gas rigs up five to 46.

Canada rig count is down 56 rigs from last year’s count of 142, with oil rigs down 53, gas rigs down three.

Brent crude is down $0.37 to $37.89 per barrel. West Texas Intermediate (WTI) crude is down $0.40 to $35.77 per barrel.

Gasoline last traded at $1.03 per gallon.

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October 23, 2020

Rig Counts Rise!

Baker Hughes reports U.S. rig count up 5 to 287 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 5 from last week to 287 with oil rigs up 6 to 211, gas rigs down 1 to 73, and miscellaneous rigs unchanged at 3.

The U.S. Rig Count is down 543 rigs from last year’s count of 830, with oil rigs down 485, gas rigs down 60 and miscellaneous rigs up 2.

The U.S. Offshore Rig Count is down 1 to 13, down 8 year-over-year.

The Canada Rig Count is up 3 from last week to 83, with oil rigs up 2 to 42, gas rigs up 1 to 41.

The Canada Rig Count is down 64 rigs from last year’s count of 147, with oil rigs down 60, gas rigs down 4.

Brent crude is down $0.84 to $41.62 per barrel. West Texas Intermediate (WTI) crude is down $0.93 to $39.70 per barrel.

Gasoline last traded at $1.13 per gallon down three cents.

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October 16, 2020

Rig Counts Rise!

Baker Hughes reports U.S. rig count up 13 to 282 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 13 from last week to 282 with oil rigs up 12 to 205, gas rigs up 1 to 74, and miscellaneous rigs unchanged at 3.

The U.S. Rig Count is down 569 rigs from last year’s count of 851, with oil rigs down 508, gas rigs down 63 and miscellaneous rigs up 2.

The U.S. Offshore Rig Count is unchanged at 14 down 8 year-over-year.

The Canada Rig Count is unchanged from last week at 80, with oil rigs up 1 to 40, gas rigs down 1 to 40.

The Canada Rig Count is down 63 rigs from last year’s count of 143, with oil rigs down 58, gas rigs down 5.

Brent crude is down $0.23 to $42.94 per barrel. West Texas Intermediate (WTI) crude is down $0.12 to $40.84 per barrel.

Gasoline last traded at $1.16 per gallon down two cents.

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October 9, 2020

Rig Counts Rise!

Baker Hughes reports U.S. rig count up 3 to 269 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 3 from last week to 269. That is down 587 units from the 856 rigs working this time a year ago.

The number of rigs drilling on land was up 3 week-over-week with a total of 254 units. The number of rigs drilling in inland waters was unchanged at 1 unit for the week. The number of rigs drilling offshore was unchanged at 14.

US oil rigs increased by 4 from last week to reach 193 units compared to 712 a year ago. Rigs targeting gas decreased by one unit to reach 73 rigs, 70 fewer than were drilling for gas at this time a year ago.

Brent crude is down $0.52 to $42.82 per barrel. West Texas Intermediate (WTI) crude is down $0.56 to $40.63 per barrel.

Gasoline last traded at $1.20 per gallon down three cents.

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October 2, 2020

Rig Counts Rise!

Baker Hughes reports U.S. rig count up 5 to 266 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 5 from last week to 266 with oil rigs up 6 to 189, gas rigs down 1 to 74, and miscellaneous rigs unchanged at 3.

The U.S. Rig Count is down 589 rigs from last year’s count of 855, with oil rigs down 521, gas rigs down 70, and miscellaneous rigs up 2.

The U.S. Offshore Rig Count is unchanged at 14 down 10 year-over-year. The Canada Rig Count is up 4 from last week to 75, with oil rigs up 4 to 37, gas rigs unchanged at 38.

The Canada Rig Count is down 69 rigs from last year’s count of 144, with oil rigs down 68, gas rigs down 1.

Brent crude is down $1.48 to $39.45 per barrel. West Texas Intermediate (WTI) crude is down $1.49 to $37.25 per barrel.

Gasoline last traded at $1.12 per gallon down three cents.

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August 14, 2020

Rig counts continue to decline

Baker Hughes reports U.S. rig count down 3 to 244 rigs

Baker Hughes (BKR) reports that the U.S. rig count is down 3 from last week at 244 with oil rigs down 4 to 172, gas rigs up 1 to 70, and miscellaneous rigs unchanged at 2.

The U.S. Rig Count is down 691 rigs from last year’s count of 935, with oil rigs down 598, gas rigs down 95, and miscellaneous rigs unchanged at 2.

The U.S. Offshore Rig Count is up 1 to 13 and down 14 year-over-year.

The Canada Rig Count is up 7 rigs from last week to 54, with oil rigs up 6 to 19, gas rigs up 1 to 35, and miscellaneous rigs unchanged at 0.

The Canada Rig Count is down 88 rigs from last year’s count of 142, with oil rigs down 82, gas rigs down 6 and miscellaneous rigs unchanged at 0.

Brent crude is down 24 cents to $44.71 per barrel. West Texas Intermediate (WTI) crude is down 32 cents to $41.92 per barrel.

Gasoline last traded at $1.23 per gallon unchanged on the day.

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July 24, 2020

Direct Energy sold for $3.63 billion

NRG Energy to acquire Direct Energy from Centrica for $3.63B in cash

NRG Energy (NRG) announced it has entered into a definitive agreement with UK’s Centrica (CPYYY) under which NRG will acquire Direct Energy, a North American subsidiary of Centrica PLC for $3.63B in an all-cash transaction.

NRG Energy said in a release, “The transaction builds on NRG’s status as a growing, customer-driven integrated energy provider, adding more than three million retail customers across 50 states and Canada.

The transaction on closing is expected to generate approximately $740M in annual run-rate Adjusted EBITDA, while enhancing free cash flow strength and stability and providing earnings diversification.

With operations in all 50 U.S. states and 6 Canadian provinces, Direct Energy is one of North America’s leading retail providers of electricity, natural gas, and home and business energy-related products and services.

For NRG, the acquisition builds on and complements its integrated model, enabling better matching of power generation with customer demand.

It also broadens NRG’s presence into states and locales where it does not currently operate, supporting NRG’s objective to diversify its business.

The combination will deliver greater efficiencies and enable continued investment in NRG’s award-winning customer service, operational best practices and reliability.

With NRG’s decades of participation in electricity markets throughout the U.S., NRG has broad insights into energy market dynamics and trends to inform innovative solutions and products for the combined company’s customers.

NRG will acquire Direct Energy for $3.63B in cash, subject to a working capital adjustment. Closing for the transaction is targeted by year end 2020.”

NRG Energy, Inc. operates as an energy company in the United States. It operates through Generation and Retail segments. The company is involved in the producing, selling, and delivering electricity and related products and services to 3.7 million residential, industrial, and commercial consumers. It generates electricity using natural gas, coal, oil, solar, nuclear, and battery storage.

Direct Energy LP is a North American retailer of energy and energy services. The company was founded in Toronto in 1986 and now has more than four million customers in Canada and the United States.

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July 10, 2020

Rig counts continue to decline!

Baker Hughes reports U.S. rig count down 5 to 258 rigs

Baker Hughes (BKR) reports that the U.S. rig count is down 5 rigs from last week to 258 with oil rigs down 4 to 181, gas rigs down 1 to 75, and miscellaneous rigs unchanged at 2.

The U.S. Rig Count is down 700 rigs from last year’s count of 958, with oil rigs down 603, gas rigs down 97, and miscellaneous rigs unchanged at 2.

The U.S. Offshore Rig Count is unchanged at 12 and down 14 year-over-year.

The Canada Rig Count is up 8 rigs from last week to 26, with oil rigs unchanged at 6 and gas rigs up 8 to 20.

The Canada Rig Count is down 91 rigs from last year’s count of 117, with oil rigs down 79 and gas rigs down 12.

WTI crude is up $1.06 to $40.67 per barrel. Brent is up 99 cents to $43.34 per barrel.

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June 12, 2020

Rig Counts Decline!

Baker Hughes reports U.S. rig count down 5 to 279 rigs

Baker Hughes (BKR) reports that the U.S. rig count is down 5 rigs from last week to 279 with oil rigs down 7 to 199, gas rigs up 2 to 78, and miscellaneous rigs unchanged at 2.

The U.S. Rig Count is down 690 rigs from last year’s count of 969, with oil rigs down 589, gas rigs down 103, and miscellaneous rigs up 2 to 2.

The U.S. Offshore Rig Count is unchanged at 13 and down 11 year-over-year.

The Canada Rig Count is unchanged from last week at 21, with oil rigs unchanged at 7 and gas rigs unchanged at 14.

The Canada Rig Count is down 86 rigs from last year’s count of 107, with oil rigs down 62 and gas rigs down 24.

WTI crude is down 14 cents to $36.20 per barrel. Brent is up 28 cents to $38.88 per barrel.

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June 8, 2020June 8, 2020

California Resources on the verge of bankruptcy!

The oil driller is preparing near-term bankruptcy filing, WSJ reports

California Resources Corporation (CRC) operates as an oil and natural gas exploration and production company in the State of California.

The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities. It holds interests in approximately 2.2 million net acres of mineral acreage. As of December 31, 2019, the company had net proved reserves of 644 million barrels of oil equivalent.

Interest Payment

California Resources skipped an interest payment to lenders and could file for bankruptcy as soon as next week, The Wall Street Journal’s Alexander Gladstone reports, citing people familiar with the matter.

The company said in an 8-K filing that it entered into forbearance agreements most of its lenders, who have agreed not to exercise “remedies” under the credit agreements.

The oil driller said Monday it has entered into an agreement with a majority of its senior lenders to wait until Sunday before they can declare a default, the author notes.

The company has suffered from a sharp selloff in crude oil futures prices to start this year, as a result of the drop in demand from the COVID-19 pandemic and the price war between Saudia Arabia and Russia.

CRC is up 67 cents to $2.68.

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May 8, 2020May 8, 2020

Rig Counts Collapse!

Baker Hughes reports U.S. rig count down 34 to 374 rigs

Baker Hughes (BKR) reports that the U.S. rig count is down 34 rigs from last week to 374, with oil rigs down 33 to 292, gas rigs down 1 to 80, and miscellaneous rigs unchanged at 2.

The U.S. Rig Count is down 614 rigs from last year’s count of 988, with oil rigs down 513, gas rigs down 103, and miscellaneous rigs up 2 to 2.

The U.S. Offshore Rig Count is down 1 rig from last week to 15 and down 5 year-over-year.

The Canada Rig Count is down 1 rig from last week to 26, with oil rigs unchanged at 7 and gas rigs down 1 to 19.

WTI in 2020 has traded widely, Stockwinners

The Canada Rig Count is down 37 rigs from last year’s count of 63, with oil rigs down 15 and gas rigs down 22.

Meanwhile WTI has traded in a wide range this year. Today the June contract is up 4.5% to $24.50 per barrel.

Brent crude for June delivery is up 4.8% to $30.85 per barrel.

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January 14, 2020

Government forecasts steady energy prices in 2020 and 21

EIA says U.S. crude oil production will average 13.3M b/d in 2020

According to the U.S. Energy Information Administration’s (EIA) forecasts Brent crude oil spot prices will average $65 per barrel in 2020 and $68/b in 2021, compared with an average of $64/b in 2019.

Domestic productions to rise in 2020, Stockwinners

EIA expects West Texas Intermediate, WTI, crude oil prices will average about $5.50/b lower than Brent prices through 2020 and 2021, compared with an average WTI discount of about $7.35/b in 2019.

Global liquid fuels inventories were mostly unchanged in 2019, and EIA expects they will grow by 0.3 million b/d in 2020 and then decline by 0.2 million b/d in 2021.

EIA estimates that U.S. crude oil production averaged 12.2 million b/d in 2019, up 1.3 million b/d from 2018.

EIA forecasts U.S. crude oil production will average 13.3 million b/d in 2020 and 13.7 million b/d in 2021.

On January 1, 2020, the International Maritime Organization (IMO) enacted Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL Convention), which lowers the maximum sulfur content of marine fuel oil used in ocean-going vessels from 3.5% of weight to 0.5%.
EIA expects this regulation will encourage global refiners to increase refinery runs and maximize upgrading of high-sulfur heavy fuel oil into low-sulfur distillate fuel to create compliant bunker fuels.
EIA forecasts that U.S. refinery runs will rise by 3% from 2019 to a record level of 17.5 million b/d in 2020, resulting in refinery utilization rates that average 93% in 2020.
EIA expects one of the most significant effects of the regulation will be on diesel wholesale margins, which will rise from an average of 43 cents per gallon (gal) in 2019 to a forecast peak of 53 cents/gal in March 2020 and an annual average of 50 cents/gal in 2020. EIA expects diesel margins to decline to 49 cents/gal in 2021.
U.S. regular gasoline retail prices averaged $2.60/gal in 2019, and EIA forecasts that they will average $2.63/gal in both 2020 and 2021.

Most of the production growth in the forecast occurs in the Permian region of Texas and New Mexico.

Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT).

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