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Tag Archives: West Texas Intermediate

The Art of Deconstructing Rig Counts

oil rig, rig count, Pixabay

Have you ever wondered what a rig count really means? Since they’re used in a multitude of ways, it’s important to know what the numbers can really say. The major player in rig counting is the oil services company, Baker Hughes, which has been tallying rigs since 1944 and counting. The rig count as reported by Baker Hughes is “a ...

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Caught in the cross-fire – non-OPEC, non-shale producers: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Aug 3 (Reuters) – The biggest losers from the current price war between OPEC and the shale producers seem set to be producers outside the Middle East and North America caught in the cross-fire. Expensive production from the North Sea, Canada’s oil sands, offshore megaprojects, weaker ...

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Drilling picks up in Basin

Six months ago, 24-year-old Matt Soto stared at a white board and worried how long he would keep his job at Schlumberger. Soto escaped layoffs in the past six months and said things now look good from the ground floor. But industry indicators have taken a turn for the worse, bringing up renewed questions about an expected recovery. The overtime ...

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Low prices threaten to curb rising rig count

oil well

Permian Basin producers added another three rigs in the week ending Friday, according to the widely-watched Baker Hughes rig count. But observers met the ongoing uptick in drilling activity with concern that it might be short-lived, after another dip in oil prices in July threatened to erase the gains of the previous months. The latest build in Permian rigs left ...

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Oil prices fall on unexpected rise in U.S. crude stocks

LONDON, July 22 (Reuters) – Oil prices fell on Wednesday after an unexpected rise in U.S. crude stocks, adding to a picture of global oversupply that has dragged down values over the past year. Industry data released on Tuesday by the American Petroleum Institute (API) showed crude inventories at the Cushing, Oklahoma, hub rose 2.3 million barrels last week, compared ...

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Oil output from largest U.S. shale plays to fall 72,000 bpd -EIA

July 13 (Reuters) – Oil production from the largest U.S. shale plays is forecast to plunge some 72,000 barrels per day in August compared with the previous month, data from the U.S. Energy Information Administration showed on Monday. Oil production from the Permian play of West Texas and New Mexico, however, is expected to rise 5,000 bpd to 2.05 million ...

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RRC Chairman David Porter lights up Congress with export ban testimony

The latest push for American oil exports happened yesterday day as Texas Railroad Commission Chairman David Porter testified before the U.S. Agriculture Committee today on the importance and urgency of lifting the federal ban. Many like Porter see lifting the ban as a policy move to spur new American energy production and foster economic growth. In the his speech, the ...

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Oil under $60 beyond 2016 suggests market rethinking shale

NEW YORK (Reuters) – The almost 10 percent nosedive in headline oil prices this week has many hallmarks of a shocking but short-lived slump, triggered by a confluence of external events and exacerbated by safety-seeking investors and momentum-chasing traders. By Tuesday afternoon, the crowded race to the exit was winding down, with prices recovering from three-month lows as traders reassessed ...

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Oil falls more than 3 percent after Greek ‘No’

LONDON (Reuters) – Oil prices fell more than 3 percent on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply. The result of Greece’s referendum put in doubt its membership in the euro, pulling down the single currency <EUR=> against ...

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