Total rig count falls to 757 as oil rigs resume trend downward The United States total rig count fell again this week, continuing a trend started last year when OPEC announced it would not defend oil prices. The total rig count fell by 10 this week to 757, with all of the last rigs coming from the oil patch, according
Oil prices climbed on the eve of October’s busiest day of earnings season, but significant impairment charges put a damper on the brief rally. Large scale oil producers wrote off billions in the early stages of Q3’15 earnings, as Anadarko Petroleum (ticker: APC), Freeport McMoRan (ticker: FMX), Occidental Petroleum (ticker: OXY) and Whiting Petroleum (ticker: WLL) wrote off more than
The Federal Reserve decided to stand pat following its two-day October meeting The U.S. Federal Reserve today decided to maintain rates near zero, leaving them unchanged since 2008. The Fed did announce that it is open to raising rates at the next meeting in December. “In determining whether it will be appropriate to raise (interest rates) at its next meeting,
Every year, oil and gas companies are required by the Securities Exchange Commission (SEC) to report their proved oil and gas reserves. By reporting these reserves, companies give their investors a meaningful understanding of the resources the company controls that it believes it could economically produce, establishing the size of the company’s reserves. To qualify under SEC guidelines as “proved
President Maduro to the world’s oil producers: “The minimum, minimum price should be $70” Oil producing countries have been negatively affected by the dramatic fall in the price of oil since the middle of last year, and some have been hit harder than others. Venezuela, in particular, is one OPEC member that is feeling the pressure. Why? Because 95% of
Oil Bears out in Force before the Weekend Oil prices and rig counts alike fell on Friday, with the former falling by about 2% and the latter reaching its lowest level in more than a decade. A handful of factors weighed into the commodity price drop, spurred by Goldman Sachs predicting oil prices still have (much) further to drop before
Oil prices see the largest percent gain in six years The U.S. crude oil benchmark West Texas Intermediate closed today 10.3% higher at $42.56 per barrel. In percentage terms, that is the largest gain seen in WTI prices in one day since March 12, 2009. In dollar terms, it was the largest gain in three years. Global benchmark Brent crude
OPEC sees lower market share despite decision to maintain production In November 2014, OPEC, led by its largest producer Saudi Arabia, decided to cast off its traditional role as swing producer in the global oil market. The decision sent oil prices plummeting from over $115 per barrel for Brent crude in June, down to $42.69 per barrel, the closing price
EnerCom Analytics’ well cost sensitivity by basin EnerCom Analytics ran an analysis of well costs for various basins in December to help illustrate at what cost wells needed to be drilled to generate at least 20% IRRs. With oil prices down even further from where they were at the end of last year, EnerCom Analytics ran the numbers again, this
Concerns in China push global markets down China’s Shanghai Composite index saw the single largest one-day percentage loss since 2007 earlier today, shedding 8.5% of its value. Even as Chinese authorities allowed pension funds managed by local governments to invest in the stock market for the first time, potentially channeling hundreds of billions of yuan into the country’s market, concerns
Lower oil prices push liquid storage levels higher As global oil production continues to outpace demand, storage levels for petroleum and other liquids has grown at a pace not seen in 17 years. Total global liquids inventories are estimated to have grown by 2.3 MMBOPD through the first seven months of 2015, the highest level of inventory builds through July
EIA lowers its price expectations The Energy Information Administration (EIA) lowered its price expectations for West Texas Intermediate (WTI) this week. The EIA’s new price deck expects WTI to average $49 per barrel for 2015, and $54 per barrel in 2016. The EIA’s updated price expectations are $6/barrel lower for 2015, and $8/barrel lower for 2016, than the administration’s previous
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