Why Hedge Funds Are Cautious about Crude Oil PART 6 OF 7How US Crude Oil Rig Count Affects US Production and Oil PricesUS crude oil rig countBaker Hughes (BHI) released its weekly US crude oil rig count on May 5, 2017. The US crude oil rig count rose as crude oil (FENY) (USL) (IEZ) (SCO) prices recovered from lows in early 2016. The rise in the rigs could increase US crude oil production and pressure crude oil prices in 2017. The US crude oil rig count has risen 41 times in the last 44 weeks. The US crude oil rig count has risen 1% week-over-week and 114% YoY (year-over-year).
referring to
![U.S. Oil Rig Count Tops 700 For First Time Since April 2015; Price Falls Further]()
It's the first time the oil rig count has surpassed 700 rigs since April 24, 2015. It was the 16th straight week the oil rig count has grown, and the 26th week in the past 27. Meanwhile, Canada's rig count dipped further and the price of oil fell under the $46 mark. Canada/North AmericaCanada's rig count continued to fall last week, losing another three rigs overall to a count of 82. Canada's 27 current oil rigs are up 16 year-over-year, and its 55 gas rigs are up by 31.
Oil rigs increased by 6, while gas rigs bumped up 2; a single miscellaneous rig was taken out of production. This week marks the sixteenth straight build for oil rigs (+181 or +34.7% since January 13). The total oil and gas rig count in the US now stands at 877 rigs, or 462 above the count a year ago. Meanwhile, U.S. shale is carrying on, after enjoying what was a temporary lift in oil prices during the last 4 months thanks to OPEC's production cuts. Gas rigs climbed 11 of the last sixteen weeks, for a total gain of 37 (+27.2%).
read more visit us oil markets
collected by :Jack Luxor
referring to
U.S. Oil Rig Count Tops 700 For First Time Since April 2015; Price Falls Further
It's the first time the oil rig count has surpassed 700 rigs since April 24, 2015. It was the 16th straight week the oil rig count has grown, and the 26th week in the past 27. Meanwhile, Canada's rig count dipped further and the price of oil fell under the $46 mark. Canada/North AmericaCanada's rig count continued to fall last week, losing another three rigs overall to a count of 82. Canada's 27 current oil rigs are up 16 year-over-year, and its 55 gas rigs are up by 31.
16th Straight Build In Oil Rig Count Increases Pressure On Oil Prices
Oil rigs increased by 6, while gas rigs bumped up 2; a single miscellaneous rig was taken out of production. This week marks the sixteenth straight build for oil rigs (+181 or +34.7% since January 13). The total oil and gas rig count in the US now stands at 877 rigs, or 462 above the count a year ago. Meanwhile, U.S. shale is carrying on, after enjoying what was a temporary lift in oil prices during the last 4 months thanks to OPEC's production cuts. Gas rigs climbed 11 of the last sixteen weeks, for a total gain of 37 (+27.2%).
read more visit us oil markets
collected by :Jack Luxor
Comments
Post a Comment