Just recently, oil prices hit a two-year high – but now, this week they have started to head lower.
Rig Count
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We will never sell or share your information without your consent. See our privacy policy.Oil bulls gained a sense of hope, and trumpeted it loudly across the marketplace last week with the first drop in US crude production in months, and the return of WTI to territory over $50.
Energy Quote of the Day: Rig Count Offers Little Insight into the Outlook for US Oil Production Growth
By Edward Dodge
US oil production continues to improve despite the recent drop in oil prices and a declining rig count. The reason? Improved drilling productivity, particularly in shale. “The headline U.S. oil rig count offers little insight into the outlook for U.S. oil production growth,” Goldman Sachs Group Inc. analyst Damien Courvalin wrote in a Feb. 10… Keep reading →
Energy News Roundup: Oil Prices and Your 401k, BHP Cuts US Shale Drilling 40% and RWE Considers Split
By Jared Anderson
Analysts and economists are trying to figure out how falling oil prices impact various economic sectors. Many 401ks and pension funds invest in oil companies, but as long as funds are diversified they should not be hit too badly by the oil price decline. “But this is precisely why investment advisers tell us to diversify,… Keep reading →
Energy News Roundup: US Steel Lays Off Workers, Excelerate Requests LNG Project Delay and US Oil Rig Count Falls Again
By Jared Anderson
Major steel manufacturer US Steel announced layoffs in excess of 700 employees and said deteriorating market conditions were to blame. “’This action is a result of a decline in tubular market conditions, which is impacting demand for the plant’s products,’ U.S. Steel wrote in a letter addressed to USW President Leo Gerard.” [Pittsburgh Post-Gazette] Excelerate… Keep reading →
Energy News Roundup: PA Fracking Health Complaints, Mapping Rig Movement and China Wind Industry Firms
By Jared Anderson
The Pennsylvania Health Department was criticized last month for not doing enough to address heath concerns associated with Marcellus Shale development activities, and as a result recently announced changes designed to facilitate the complaint handling process. “The department’s priority is to address the public’s concerns, whether they are about environmental health in general or specifically… Keep reading →
Gulf of Mexico to Drive Global Deep-Water Drilling Innovation
By Roman Kilisek
The Federal Gulf of Mexico is one of the fastest-growing offshore markets with yet-to-be-discovered potential of about 48 billion barrels of oil, according to various US data. The latest EIA data allocate 17% of US crude oil production in 2013 to the federal offshore Gulf of Mexico. Could the future of the US oil industry… Keep reading →
US oil-directed drilling rigs reached 1,443 last week, which is the highest level recorded since Baker Hughes separated its oil and gas rig counts in 1987. “One could argue that all of the increase in the oil rig count this week was because of the Permian,” James Williams, president of WTRG Economics in London, Arkansas,… Keep reading →
The US oil and gas industry has long focused on rig count as a critical component of activity level assessments and production forecasts. But as the Energy Information Administration’s first Drilling Productivity Report shows clearly, in major plays like the Bakken and Eagle Ford, new well production per rig has been rising even as rig… Keep reading →
A satellite photo of the Earth at night taken 10 years ago with natural gas reserve concentrations superimposed depicts a world where the resources are not located near the major population centers, which are clearly identified as large visible light clusters. Fast-forward a decade and superimpose shale gas resources on current nighttime satellite images and… Keep reading →
