$80 Oil + $4 NatGas + 1,300 Rigs Working After the news of the past few weeks, it felt like we were getting really close to the day when investors and oil industry spouses might be ready to throw in the towel. Then EnerCom’s 14th west coast investor conference unearthed something in the shadow of the Transamerica Building. By blending together a batch of
Total U.S. rig count down 57% from Last Year The number of rigs drilling in the U.S. continued to fall this week, as prices recovered to more than $38 per barrel of WTI. The total number of operating rigs in the U.S. fell by nine in the week ended March 11, 2016, according to Baker Hughes (ticker: BHI) to 480.
Oil rigs lead in the decline of the U.S. rig count The U.S. rig count continues to plummet as the price of oil remains in the low $30 range. The rig count took its biggest hit in the last year on a percentage basis, shedding 8% of the previous week’s total rig count. According to information from Baker Hughes (ticker:
WTI falls below $30 per barrel for the first time in 12 years The price of a barrel of West Texas Intermediate crude oil fell below the $30 mark for the first time since 2003 this week. Continued concerns over China’s market are curbing demand expectations as the global oil glut persists. WTI was trading at $29.45 at 2:15 EST
U.S. Running Rigs Reach Lowest Level of the Millenium United States rig counts closed out 2015 with 698 in operation, according to the latest information provided by Baker Hughes (ticker: BHI). The total is just two less on a week-over-week basis, and both were oil-focused rigs. The updated number is the lowest since 1999. Taking basins into consideration, the Williston
If you look at the number of jobs lost, company market value lost, and the growing numbers of oil patch bankruptcies, 2015’s continued commodities price fall led to a lot of bangs and bruises in the oil and gas industry. 2015 was also a year in which readers of Oil & Gas 360® kept up with industry developments, company news
There was no change to the United States running rig count in the latest weekly report conducted by Baker Hughes, leaving the overall number at 709 with just one report remaining in fiscal 2015. While the number did not change, there was a significant swing in the targets of operations. Seventeen gas-focused rigs were laid down within the week, which
The rig count fell by 13 as of November 25, 2015 Baker Hughes Industries (ticker: BHI) released its weekly rig counts two days early this week, ahead of the Thanksgiving holiday. The company’s report showed that rigs tumbled by 13 following its previous release on November 20. The total rig count now stands at 744, just 38% of the number
A shot heard round the world Last November 27, OPEC sparked the decline in crude oil prices that would see both international benchmark Brent crude, and U.S. benchmark WTI crude, lose more than 50% of their value. The group decided to move away from its traditional role of maintaining a reasonable crude oil price in order to protect its market
Rig count hits five-year low The U.S. rig count continued to slide further even as WTI prices staged a comeback, climbing near $50 per barrel. The total rig count in the U.S. fell 14 rigs this week to 795 total rigs, according to Baker Hughes Industries (ticker: BHI). Rigs are down 69 from the beginning of August, and 814, or
The current running rig count of 809 in the United States is the lowest in five years, but analysts from Raymond James Equity Research believe we haven’t reached the trough yet. Not even close. In a market report issued on October 5, 2015, the firm believes lower-than-expected drilling activity and a delayed rebound in commodity prices will drag the U.S.
Oil Rigs Reach New Five-Year Low A few months ago, speculation of a rig count trough offered promise of the oil industry bottoming out. Since then, oil prices seem to have stabilized, but rig counts are a different story. The number of running domestic rigs fell for the sixth straight week on October 2, 2015, reaching 809. Of the 29
