Wednesday, September 18, 2024

Rig Count Rise Snaps Three Week Slide

Five rigs come online Drilling activity increased this week, breaking a three-week slide, according to the latest edition of Baker Hughes Weekly Rig Count. A net five rigs came online this week, cancelling out the five that shut down last week. All five rigs are land-based, meaning there are now 1,029 land, four inland waters and 19 offshore rigs active

Oil Price Reached $74 This Week, But Double That Could Be on the Horizon

Despite the surprise moderate build in U.S. crude oil stockpiles, analysts are worried of an impending price spike to $150 or more.  Prices Today Crude oil stocks rose by 1,245 MBBL last week to 417,881 MBBL from 416,636 MBBL. This is 17% below the 502,914 MBBL that was in storage at this point last year, and is 2% below the

Europe’s $42 Billion Gas Project: One Step Forward, One Step Back

Shah Deniz 2 begins production, but last 5 miles of pipe could cause a screeching halt in Europe New supply is on the horizon for European gas markets, as BP (ticker: BP) recently announced the startup of stage 2 of the Shah Deniz project, one of the largest gas projects to start up this year. Huge scope of the project

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