Drilling rigs increased in North America as WTI traded to $64.80 bbl in the front month this week and natural gas hub futures traded to $3.20 btu Friday, both significant levels.With extreme cold weather in North America drilling rigs face seasonal challenges.
Drilling rigs increased in North America as WTI traded to $64.80 bbl in the front month this week and natural gas hub futures traded to $3.20 btu Friday, both significant levels. With extreme cold weather in North America drilling rigs face seasonal challenges.
WTI traded to $64.80 bbl in the front month this week and natural gas hub futures traded to $3.20 btu Friday, both significant levels. North America both oil and natural gas pices have caught a bid as drilling rigs face seasonal challenges. U.S. oil rigs rose 10 this week with Canada added back 87 oil rigs as WTI crude futures trading to near 3 year highs.
- U.S. oil rigs rose 10 to 752 and natural gas rigs rose 5 to 187 General Electric Co’s Baker Hughes reported.
- c
U.S. oil and gas production continues to rise or sit near all time highs underscoring the efficiency of the drilling rigs. We saw rigs off per companies plans at their last earnings guidance, with oil prices high will they add more soon?
The Total North America rig count rose 117 to 1215 up 241 year on year.
Shale production has been lifted by the smaller niche producer and majors like ExxonMobil. Last year Exxon CEO Darren Woods said $XOM is diverting about one-third of its drilling budget this year to shale fields that will deliver cash flow in as little as three years. The Texas Permian basin is the epicenter of activity. CERAWeek in Houston added to the drilling positive tone and appears we haven’t looked back after the past few weeks earnings reports for the most part.
Since a six-year low of 316 in May 2016 drillers have added over 100% despite the recent pullback. Total oil and natural gas rig count ended 2016 at 658, down 6 percent from the 698 at the finish of 2015. Baker Hughes North American Rig Summary
Source: Baker Hughes, TradersCommunity
From The TradersCommunity News Desk