Rig counts continue to climb while oil prices retreat After yesterday’s bottom fell out for oil and prices hover near the $45 per barrel mark, the U.S. rig count continues to increase. The total number of rigs actively drilling this week increased by nine to 440, according to information released from Baker Hughes Industries (ticker: BHI). Despite increases over the
The U.S. rig count is up 10 to 431 The number of active rigs in the United States increased this week, according to information released by Baker Hughes Industries (ticker: BHI). The total number of rigs reached 431 this week, up ten from last week when the rig count fell slightly. WTI posted gains today despite the increased drilling activity,
Markets see the largest single-day selloff in history following the Brexit, currencies react The surprise decision by the United Kingdom to leave the European Union triggered the largest single-day selloff in history, according to Standard & Poor’s Dow Jones Indices. The Brexit vote was proceeded by a $2.08 trillion selloff, a sharper decline than even the one that followed the
Total U.S. rig count falls by three to 421 as oil prices struggle to stay above $50 per barrel After three weeks of slowly increasing, the U.S. rig count posted a loss for the week ended June 24, 2016. The total number of active rigs operating in the country fell by three to 421 this week, according to information released
“Supply and demand are almost equal”- Khalid al-Falih Global oil markets are improving as supply and demand come back to parity said Saudi Arabian Oil Minister Khalid al-Falih. The global glut that sent oil prices tumbling at the end of 2014 is over now, according to Falih. “We are out of it,” he said in his first newspaper interview since
Drilling activity up: the U.S. adds ten more rigs this week – more rigs drilling in the Barnett today than a year ago The rig count in the U.S. continued to climb for a third-straight week this week, according to information released from Baker Hughes Industries (ticker: BHI). Ten more rigs joined the total number of active rigs this week
Niger Delta Avengers bomb Shell and Eni pipelines A militant group calling itself the Niger Delta Avengers continues to attack oil and gas infrastructure in Nigeria in a bid to undermine the current presidential administration. On Friday, the group bombed two pipelines, one owned by Royal Dutch Shell (ticker: RDSA) and the other owned by Eni (ticker: E), according to
From Reuters Oil prices hit six-month highs on Monday on worries about global supply outages and as long-time bear Goldman Sachs sounded more positive on the market, although a stockpile build at the U.S. storage hub for crude futures pared gains. Expectations of resumption in oil exports from a Libyan port, a ramp up in Nigerian crude production by
Wildfires burning out of control in Fort McMurray Fort McMurray, the heart of much of Canada’s heavy oil sands production, has been evacuated due to a wildfire burning out of control in and around the city. The evacuations have forced the oil sands operations in the surrounding area to lower production as works and their families flee to safety. Operators
Sees Global Glut Shrinking in 2016 Looking toward a receding global oil oversupply, the World Bank has raised its 2016 price target for oil to $41, up from $37. In its latest Commodity Markets Outlook report, the organization cites the effects of lower production from U.S. shale and disruptions in Iraq and Nigeria. The report, published quarterly, looks at global supply and demand
Oil prices start the day down as Kuwaiti workers end strike Oil workers in Kuwait ended a three-day strike today that lent support to oil prices earlier this week following the failure of a mixed group of OPEC and non-OPEC producers to come to an agreement on a production freeze Sunday. The strike saw production in OPEC’s fourth-largest producer fall
Freeze agreement falls apart without Iran Discussion between key OPEC and non-OPEC producers about freezing production at January levels has pushed oil prices up from below $30 per barrel to more than $40 ahead of yesterday’s fruitless meeting in Doha, Qatar. Back in January, U.S. crude oil benchmark WTI fell to a 2016 low of $26.55 per barrel while international
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