As of last week, rig count is 78% lower than the previous low in 2010 Crude oil price and rig count have moved primarily in conjunction with one another over the years. Rig count has fallen 81% since the most recent high of 2,094 during Q3 2014. The recent average high oil price came in Q2 2014 at $103.06/barrel,
From Yahoo Finance Many traders are waiting for oil prices to crash again, as a rally triggered by the falling value of the U.S. dollar fizzles. They could be waiting a long time. “You could be at 50 or 60 [dollars per barrel] in 60 days,” famed oil investor T. Boone Pickens tells Yahoo Finance in the video above. “Supply
Crude oil inventories fell 3.4 MMBO during surprise week-over-week draw Crude oil inventories fell today, giving markets a pleasant surprise, and sending WTI prices up above $46 per barrel. Economist expected a small build for the week ended May 6, 2016, with the average estimate at 80 MBO. The numbers released by the DOE today showed a draw of 3.4
Crude oil price volatility has declined since its peak in March according to a report from the EIA on May 10, 2016. During the first three months of 2016, crude oil prices were relatively more volatile than in recent history. The elevated volatility occurred when overall oil prices were low, and volatility was driven by high uncertainty related to supply,
Chart Watching: a Hobby Resurrected Oil price has been on a tear as of late with market watchers picking away at any scrap of data coming from the oil sector as to when the market will balance. WTI prices have increased in the neighborhood of 70% since hitting a low around $27 three months ago. There have been several catalysts
Oil jumped almost 3% on Wednesday April 27 to close above $45.33 a barrel for the first time since November 4, 2015, reaching new highs for 2016 amid mixed signs from the U.S. oil market and U.S. Federal Reserve. The oil market was the tale of two halves today with the inventory report coming in the morning and the Federal
April 20, 2016 CRUDE OIL INVENTORY ‘000 bbls (Week Ended 4/15/16) Current: 538,611 Actual Build/(Withdrawal): 2,080 Economist Average Estimate: 2,295 Previous: 536,531 Analyst Commentary on Today’s Build Crude Inventory WoW Build Below Expectations on Lower Imports and Higher Refinery Util Rate – UBS Investment Research Crude stocks rose 2.1 MMBbls WoW to 538.6 MMBbls (near consensus of a 2.4
Barriers remain, but oil above $50 in Q4 2016 likely: RBC Crude oil prices are up today despite news over the weekend that no deal regarding the crude oil production freeze between OPEC and non-OPEC producers could be reached. Talk surrounding the deal bolstered crude oil prices in the months leading up to the Doha meeting, and many market observers
The rig count continues to fall as prices rise The U.S. rig count fell for the sixteenth straight week, according to information released by Baker Hughes (ticker: BHI) today. There are now just 443 rigs actively drilling in the U.S., seven less than BHI reported last week. The number of rigs targeting gas increased by one over the course of
We Have Created a Significant Supply Gap in the Years to Come: Andurand Pierre Andurand, one of the foremost prognosticators of the oil collapse, has declared the beginning of a bull run on oil prices that will likely span the next few years due to the impact on supply from current low oil prices. In a January 2016 interview with
EnerCom’s San Francisco Conference Wrap-Up – Part II We have a new strategic petroleum reserve sitting under us EnerCom presented the 14th edition of The Oil & Services Conference™ in San Francisco last week. The conference delivered the current thinking of c-suite E&P and energy technology executives along with well-known industry and financial experts. The conference took the March 2016 pulse of
Iran will not freeze production below 4 MMBOP – Iranian Oil Minister Crude oil prices took a steep fall this morning as hopes that OPEC might curb production in order to reach a $50 per barrel price floor were diminished by news that Iran plans to continue increasing production. U.S. benchmark WTI fell as low as $36.73 today, while international
