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Category: RigCounts

Baker-Hughes oil rig count is suddenly hot after 71 years

February 27, 2015 Posted by Chris Wysong

A weekly report that has been ignored for years is suddenly highly anticipated by traders. Baker-Hughes oil rig count is suddenly hot after 71 years By: Lynn Doan and Dan Murtaugh (Bloomberg News) HOUSTON It was like clockwork. Every week since 1944, Baker Hughes would release its survey of how many rigs were out drilling for U.S oil and gas. And every week, oil and gas traders would, for the most part, overlook it. What a difference a $50-a-barrel slide in oil makes. Last Friday, traders were bent over their desks, staring at their screens, waiting for 1 p.m. New York time to see whether drillers extended their biggest-ever retreat from U.S. oil fields. (They did.) Oil futures spiked within minutes of the count, closing at the highest level in four days. I dont think Ive heard Baker Hughes more in my life than I have in the past month, Dan Flynn, a trader at Price Futures Group in Chicago, said by phone on Feb. 13. Its like Im saying it in my sleep. The sudden interest in Houston-based

Posted in BakerHughes, RigCounts, Oil

Oil Ends Mixed After Mild Rig Count Drop, Heating Oil Spikes

February 23, 2015 Posted by Chris Wysong

Barani Krishnan of Reuters reports on how brutal winter weather on the East Coast is affected crude prices and rig counts. Oil Ends Mixed After Mild Rig Count Drop, Heating Oil Spikes By: Barani Krishnan (Reuters) NEW YORK, Feb 20 (Reuters) - Crude prices ended mixed on Friday as the number of U.S. rigs drilling for oil fell far less than expected this week, while heating oil jumped 6 percent after severe winter cold crimped output at three refineries. After many bets that crude would rally on Friday from another plunge in the rig count, and short-covering before the expiry of the front-month in West Texas Intermediate (WTI) futures, the action was in refined products instead. News that at least three refineries, accounting for more than two-thirds of the U.S. East Coasts refined output, are being disrupted by single-digit temperatures sent heating oil futures to six-month highs. Its sell crude, buy products today, said Dominick Chirichella, senior partner at the Energy Management

Posted in Oil, Crude, OilPrices, RigCounts

COLUMN-Factors that will drive U.S. oil production in 2015: Kemp

January 30, 2015 Posted by Chris Wysong

Reuters analyst John Kemp discusses his predictions for what to expect in the U.S. oil market this year. COLUMN-Factors that will drive U.S. oil production in 2015: Kemp By: John Kemp (Reuters) LONDON Jan 27 (Reuters) - Rig counts are a highly imperfect guide to future oil production but they are one of the few readily available statistics on oilfield activity so it is unwise to dismiss their importance entirely. The sharp drop in crude oil prices since June 2014 and associated fall in rig counts published by state regulators and service companies such as Baker Hughes has sparked a lively debate about the short-term outlook for U.S. oil production. Some analysts have forecast the drop in rig counts will cause production to peak in the first six months of 2015 then begin to fall in the second half of the year. I count myself in this camp. Other analysts predict production will remain steady or continue to grow, albeit much more slowly than the 1 million barrel per day (bpd) increases

Posted in Oil, RigCounts
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