US Oil Rigs Steady While Canada Rigs Grow Baker Hughes Shows

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  • #10464
    TradersCom
    Keymaster

    [article]50[/article]

    #10465
    KnovaWave
    Participant

    The value of hedging when you see oil at 45.83 after failing at the 47.80 retest – was that the C or the (C) ?

    Canada I assume is seasonal?

    #10466
    ThePitBoss
    Participant

    [quote=”KnovaWave” post=187]The value of hedging when you see oil at 45.83 after failing at the 47.80 retest – was that the C or the (C) ?

    Canada I assume is seasonal?[/quote]

    Big reversal and everyone was excited up there which tells you the true specs and exactly right about hedging. Did you see the hedges/pricing on ECA today very nice.

    Yes Canada this time of year is very seasonal because of the harder grounds etc

    #10467
    Assistanc3
    Participant

    Canada rig counts generally peak in January

    #10493
    Helmholtz Watson
    Participant

    So much oil and gas in this country …

    #10498
    KnovaWave
    Participant

    [quote=”Assistanc3″ post=189]Canada rig counts generally peak in January[/quote]

    Thank you I thought so because of the ground

    #10502
    Assistanc3
    Participant

    I always thought it was interesting that people would only post data on U.S. rig counts when Baker Hughes also provided Canadian rig counts. Now I could understand neglecting Canada rig counts if Canada hogged all the gas and oil but where does it go? Canadian oil and gas primarily goes to the USA.

    So if Canadian oil goes to the USA and people are only focused on the U.S. rig counts, I think that is silly, specially if one trades the oil and gas markets on speculation from BH data.

    Also, what I like seeing added by the TC report is the shale basins image
    Not everyone knows where all the oil is and different states have different rules, needs and laws regarding oil and gas production. So its nice to but a name with a location.

    #10509
    ThePitBoss
    Participant

    [quote=”Assistanc3″ post=224]I always thought it was interesting that people would only post data on U.S. rig counts when Baker Hughes also provided Canadian rig counts. Now I could understand neglecting Canada rig counts if Canada hogged all the gas and oil but where does it go? Canadian oil and gas primarily goes to the USA.

    So if Canadian oil goes to the USA and people are only focused on the U.S. rig counts, I think that is silly, specially if one trades the oil and gas markets on speculation from BH data.

    Also, what I like seeing added by the TC report is the shale basins image
    Not everyone knows where all the oil is and different states have different rules, needs and laws regarding oil and gas production. So its nice to but a name with a location.[/quote]

    Well put A3 it is important to know where the oil comes from – something the OPEC boys never grasped 🙂 It is also important to understand what oil contract physical or derivative you are changing and what pertains. The WTI contract has a Cushing, OK hub and PADD 3 (gulf coast) are clearer drivers. Brent is not the U.S. for example and is affected by exchange rates as are the Canadian contracts.

    Back on Canada TransCanada reports this Friday and yes the pipelines do affect WTI as you so rightly point out. The basins are so important to grasp if you trade or invest in any of the relevant energy stocks – I am trying to report on as many as I can.

    Cheers TC and A3

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