The 5.2 MMBO crude oil inventory draw is the largest since December 2016 U.S. crude oil inventory levels fell 5.2 MMBO in the week ended May 5, according to the EIA, sending traders into action yesterday. Oil markets have been waiting for signs that a production cut from OPEC would affect swelling inventories. Draw was almost triple analysts’ predictions The
OPEC using the last arrows in its quiver to try to move oil prices: words Prior to November 2014, OPEC acted as the swing producer, raising or lowering production in order to send prices one way or another. Since making the decision to focus on market share instead of oil prices, the group has lost its control over prices for
U.S. rig count drops by 2 this week as prices dip nearly $3 below weekly high The U.S. rig count snapped a streak of gains for the week ended September 9, 2016, according to information from Baker Hughes Industries (ticker: BHI). The total number of rigs in the U.S. fell by two to 506 last week. The loss of three rigs
This time Iran indicates that it would be willing to cooperate with a new production freeze Oil prices rose today as news that Iran may be ready to join a wider production freeze surfaced. Both OPEC and non-OPEC producers such as Russia previously tried to implement a production freeze, but were unsuccessful when Saudi Arabia insisted that Iran take part
The U.S. rig count rose 17 rigs this week, but increased drilling doesn’t weaken oil prices The U.S. land rig count continued to gain for the week ended August 12, 2016, with 17 additional rigs reported in the United States, according to Baker Hughes Industries (ticker: BHI). The total U.S. rig count reached 481 this week, thanks in large part
Words pushed prices higher, but for how long Oil prices have staged a recovery over the last few weeks as members of OPEC and other large producers like Russia discuss the possibility of a production freeze. News that the world’s largest producers would stop adding new production to the market was warmly welcomed as oil prices climbed above $40 per
Oil Rig Count Rises by One, Oil Breaks $40 Barrier The U.S. rig count continued falling for a thirteenth-straight week in the week ended March 18, 2016, according to information from Baker Hughes. The total count fell by four to 476 with five fewer rigs drilling for gas reported partially offset by the addition of one oil rig. Oil rigs
Oil prices and rig counts decline 4% following OPEC meeting The total rig count for the United States in the week ended December 11, 2015, was down 4% from the previous week, the largest drop by percentage since the week ended April 10, 2015. The total rig count fell by 28 in absolute terms, finishing the week at 709, according
The price of U.S. benchmark WTI crude is becoming increasingly volatile The price of U.S. crude oil benchmark West Texas Intermediate (WTI) has been increasingly volatile since November of last year, following the decision by OPEC to maintain production over defending oil prices. The chart above shows the number of days the price of oil changed by a certain percentage
Could a drop in natural gas prices spur additional market share growth? As we swing into spring earnings season, Q1 earnings are coming fast, along with questions surrounding the state of natural gas and oil prices. In a non-oil and gas realm, Arch Coal Inc. (ticker: ACI) released Q1 results this week. The coal giant reported a net loss of $113
OPEC’s largest producer hit a 12-year production record last month Saudi Arabia increased oil production to 10.3 MMBOPD in March, setting a 12-year high for production in the country. Saudi Oil Minister Ali al-Naimi said the Kingdom will continue producing around 10 MMBOPD at a conference in Riyadh, reports Bloomberg. The March output is the highest since at least 2002,
EnerCom, Inc. compiled second quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 190 E&P and OilService companies in our database. Click here for the full chart of estimates. The median OilService company earnings estimate for the quarter ending June 30, 2013, is $0.31 per share compared to actual earnings per share of $0.33
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