Tag Archives: rig count

Oil Trades Near $50 as Europe Economic Data Counters Iraq Demand – Bloomberg

Oil traded near $50 as better-than-expected economic data in Europe countered Iraq’s demand that OPEC should exempt it from planned output cuts.Prices rose as much as 0.3 percent in New York. A Purchasing Managers’ Index for manufacturing and services in the euro zone rose to 53.7 in October, the fastest pace since the beginning of this year, IHS Markit said on Monday. Iraq should be exempted from trimming production because it’s embroiled in a war with Islamic militants, Oil Minister Jabbar Al-Luaibi said Sunday in Baghdad. Rigs targeting crude in the U.S. rose for an eighth week, according to Baker Hughes Inc.

Source: Oil Trades Near $50 as Europe Economic Data Counters Iraq Demand – Bloomberg

Baker Hughes Rig Count Up 14

Baker Hughes (BHI) reported Friday, Oct. 21, that U.S. oil and natural gas drillers brought 14 rigs online in the latest week as positive sentiment continues to build among operators that a recovery is on the horizon.The Houston oilfield services giant said the count is up to 553 this week, while oil rigs climbed 11 to 443 and natural gas rigs rose by 3 to 109. Miscellaneous rigs were flat at 2.

Source: Baker Hughes Rig Count Up 14 as Oilfield Services Stocks Tumble – TheStreet

The Top Permian Oil Producer Says Rig Counts in the Region Are Going to Soar

The biggest player in the Permian Basin, America’s most coveted oil field, thinks rig counts in region are poised for explosive growth.In an interview with Bloomberg, Pioneer Natural Resources Co. Chief Executive Scott Sheffield predicted that 100 oil rigs will be added in the area considered to be U.S. shale drillers’ version of prime real estate over the next year. Bloomberg Intelligence Analysts Vincent Piazza and Daniel Krauser note that Pioneer has the highest gross production of any driller in the Spraberry and Wolfcamp formations in the Texan oil field.The shale revolution sparked a frenzied rise in U.S. crude production that eventually drove oil prices to their lowest level in more than a decade earlier this year. While prices have since recovered, they’ve failed to sustainably hold above $50 per barrel — and any advances may continue to be capped if drillers boost activity in the productive Permian Basin.

Source: The Top Permian Oil Producer Says Rig Counts in the Region Are Going to Soar

U.S. oil drillers add rigs in longest streak in five years: Baker Hughes

U.S. drillers this week added oil rigs for a tenth week in the past 11, according to a closely followed report on Friday, the longest streak of not cutting rigs since 2011, as the rig count recovered to February levels.

Source: U.S. oil drillers add rigs in longest streak in five years: Baker Hughes

Oil futures end lower as U.S. rig count rises – MarketWatch

Crude futures pared losses Friday but ended lower after data showed the number of U.S. oil rigs rose for a sixth straight week.On the New York Mercantile Exchange, West Texas Intermediate futures  fell 13 cents, or 0.3%, to $41.80 a barrel. The U.S. benchmark saw a 0.5% weekly rise, aided by a two-day rebound that followed upbeat data on gasoline inventories on Wednesday.Brent crude  the global oil benchmark, lost two cents to end at $44.27 a barrel, scoring a weekly gain of 1.7% on London’s ICE Futures exchange.Oil-field-services firm Baker Hughes  said the number of active U.S. oil rigs rose to 381 this week from 374. Compared with a year ago, the number of rigs remains down by 289. The rise in the number of rigs over the past six weeks has added to worries about a global glut.

Source: Oil futures end lower as U.S. rig count rises – MarketWatch

Oil rig count-7 to 330; Natural gas rig count +4 to 90

Is It Time To Go DUC Hunting For Oil? – SA

Recent rig counts have risen in shale oil from 316 to 326 over the first week of June. Investors are seeing growing signs of a predicted price response from cost cutting and technological improvements.

If rigs are rising, you can be sure that all those drilled, but uncompleted wells (DUCs) will be on the completion and frac schedules for many companies. Companies have backlogged an impressive number of DUCs over the last four years, and the cumulative number as of September 2015 was close to 4000.

Source: Is It Time To Go DUC Hunting For Oil? – The United States Oil ETF, LP (NYSEARCA:USO) | Seeking Alpha

Oil rig count has biggest increase of 2016 – Business Insider

The US oil rig count rose for the second time in three weeks, climbing 9 to 325 according to driller Baker Hughes.The gas rig count fell 5 to 82, and the total was up 4 to 408. Last week, the decline in oil rigs continued after pausing in the prior period. The count fell by 2 to 316, while the gas rig count rose 2 to 87. The total rig count was 404. The data could provide some clues about whether some producers got back in the game as crude oil prices approached $50 per barrel, said Accendo Markets’ Mike van Dulken in a note ahead of the report.Crude oil prices declined further after the release. West Texas Intermediate crude futures in New York were down 1.4% to $48.35 per barrel.

Source: Baker Hughes Rig Count, June 3 – Business Insider

Baker Hughes Forecasting 30% Plunge in North American Rig Count Before Stabilizing | 2016-04-27 | Natural Gas Intelligence

Baker Hughes Inc. expects the North American rig count will “begin to stabilize” in the second half of this year, but things are expected to get worse before they get better, CEO Martin Craighead said Wednesday.The Houston oilfield services (OFS) giant, the global authority on onshore and offshore rig counts, is forecasting the North American rig count will fall by 30% sequentially in the second quarter.”For the second half of the year, we project the U.S. rig count will begin to stabilize, although we do not expect activity to meaningfully increase in 2016,” Craighead said. “Conversely, the international rig count is predicted to drop steadily through the end of the year as we see limited new projects in the pipeline.”

Source: Baker Hughes Forecasting 30% Plunge in North American Rig Count Before Stabilizing | 2016-04-27 | Natural Gas Intelligence

Baker Hughes Rig Count, April 8 (Oil -8 to 354)

The US oil-rig count fell by eight this week to 354, according to the driller Baker Hughes.This is the lowest tally since November 6, 2009, and a third straight weekly decline.The gas-rig count rose by one to 89, putting the total down seven to 443.

Source: Baker Hughes Rig Count, April 8 – Business Insider