Oil, Briefly Up On Lower Rig Counts, Falls on U.S. Output Outlook
Oil prices fell on Monday on expectations that U.S. output will rise this year, erasing earlier gains buoyed by lower weekly U.S. rig counts and falling U.S. unemployment. Brent crude futures were at $64.04 per barrel at 1353 GMT, down 45 cents from their previous close. U.S. West Texas Intermediate (WTI) crude futures were down 54 cents to $61.50 a barrel. Helping the dip, hedge funds and money managers cut their bullish wagers on U.S. crude oil for the first time in three weeks, data showed on Friday. The reduction came as gross short positions on the New York Mercantile Exchange climbed to their highest level in nearly a month.
US Drillers Cut Most Oil Rigs since January
U.S. energy firms cut the most oil rigs in a week since January as a 14-month drilling recovery stalled due to weak crude prices. Drillers cut seven oil rigs in the week to Sept. 15, bringing the total count down to 749, the least since June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Drillers have not added any rigs since the week of Aug. 11. The rig count, an early indicator of future output, is still higher than the 416 active oil rigs a year ago as energy companies had mapped out ambitious spending programs for 2017 when they expected U.S.
US Drillers Add No Oil Rigs as Harvey Slows Production
U.S. energy firms did not add any oil rigs this week as Hurricane Harvey barrelled into the nation's energy heartland, forcing drillers to halt production and refiners to shut plants. The total oil rig count for the week ended Friday stayed at 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 407 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 67 weeks since the start of June 2016. The rig count is an early indicator of future output. Hurricane Harvey has killed more than 40 people and brought record flooding to the U.S.
U.S. Drillers Cut Rigs ahead of Hurricane - Baker Hughes
U.S. energy firms cut oil rigs for a second week in a row ahead of Hurricane Harvey and as a more than year-long recovery in drilling slows down in reaction to soft crude prices. Drillers cut four oil rigs in the week to Aug. 25, bringing the total count down to 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 406 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 65 weeks since the start of June 2016. The rig count is an early indicator of future output.
U.S. Drillers Cut Rigs for Second Week in Three
U.S. energy firms cut oil rigs for a second week in three, data showed on Friday, with drillers cutting spending plans in reaction to declining crude prices. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 406 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 64 weeks since the start of June 2016. The rig count is an early indicator of future output. U.S.
US Drillers Add Oil Rigs for Second Week in Three
U.S. energy companies added oil rigs for a second time in the last three weeks, extending a 15-month drilling recovery, but the pace of additions has slowed in recent months as firms cut spending plans in reaction to declining crude prices. Drillers added 3 oil rigs in the week to Aug. 11 bringing the total count up to 768, the most since April 2015. General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 396 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 63 weeks since the start of June 2016.
US Oil Drillers Cut Rigs for 2nd Week in Three
U.S. energy firms cut the number of oil rigs for the second in three weeks, slowing the pace of a 15-month drilling recovery, amid plans to spend less in reaction to declines in crude prices over the past several months. Drillers cut one oil rig in the week to August 4, bringing the total count down to 765, General Electric Co's Baker Hughes energy services firm said in its report on Friday. There were 381 active oil rigs during the same week a year ago. Drillers have added rigs in 55 of the past 62 weeks since the start of June 2016. The rig count is an early indicator of future output. U.S.
US Drillers Add Oil Rigs, Pace Remains Slow
U.S. energy firms added oil rigs for a 24th week in the past 25 as the year-long drilling recovery continues but the pace of additions has slowed in recent months as crude prices declined despite OPEC-led efforts to end a global supply glut. Drillers added seven oil rigs in the week to July 7, bringing the total count up to 763, the most since April 2015, Baker Hughes energy services company said in its closely followed report on Friday. That compares with 351 active oil rigs during the same week a year ago. Drillers have added rigs in 54 of the past 58 weeks since the start of June 2016.
US Oil Rig Count Climbs for 23rd Week
U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week's decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. That is more than double the same week a year ago when there were only 330 active oil rigs. Drillers have added rigs in 52 of the past 56 weeks since the start of June 2016. U.S.
US Drillers Continue to Add Oil Rigs
U.S. energy firms added oil rigs for a record 21st week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months. Drillers added 8 oil rigs in the week to June 9, bringing the total count up to 741, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 328 active oil rigs. The pace of those additions has slowed with a decline in crude prices over the past two months, with the average total added over the past four weeks falling to just 7. U.S.
US Oil Rig Count Climbs for 20th Week in a Row
U.S. energy firms added oil rigs for a record 20th week in a row in a year-long return to the well pad although some analysts expect the pace of additions could level off as crude prices remain below $50 per barrel. Drillers added 11 oil rigs in the week to June 2, bringing the total count up to 733, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 325 active oil rigs. Monthly additions in May were at the lowest levels since October due to soft oil prices.
US Shale Booms and Depresses Oil Prices Again
U.S. oil production continues to rise relentlessly, frustrating efforts by OPEC and non-OPEC oil exporters to rebalance the global market and secure an increase in the price of crude. After a devastating slump in 2015 and 2016, the U.S. oil industry has returned to strong growth, with drilling and output rising rapidly. U.S. production is now forecast to grow by an average of 440,000 barrels per day (bpd) in 2017 and another 650,000 bpd in 2018, according to the U.S. Energy Information Administration (EIA). U.S. crude and condensates output rose by 62…
US Drillers Add Oil Rigs in a Record Streak but Pace Slows
U.S. energy firms added oil rigs for a record 19 weeks in a row as expectations of higher crude prices after an OPEC-led decision to extend current output curbs motivate producers to boost spending on new drilling. The pace of those additions, however, has slowed with the total added so far in May falling to the lowest since October due to soft oil prices. Drillers added two oil rigs in the week to May 26, bringing the total count up to 722, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 316 active oil rigs, the least in more than six years.
US Drillers Add Oil Rigs for 18th Week in a Row
U.S. energy companies added oil rigs for an 18th week in a row, the second-longest such streak on record, as expectations of higher crude prices have motivated drillers to boost monthly shale production to its highest level since mid-2015. Drillers added eight oil rigs in the week to May 19, bringing the total count to 720, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 318 active oil rigs. It was the second-longest run of weekly additions, according to Baker Hughes data going back to 1987.
US Drillers Add Oil Rigs for 16th Week
U.S. energy firms added oil rigs for a 16th week in a row, extending a drilling recovery into a 12th month even as the pace of those additions has slowed in recent weeks as crude prices have held below $50 a barrel. Drillers added six oil rigs in the week to May 5, bringing the total count up to 703, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. While that is more than double the same week a year ago when there were only 328 active oil rigs, the pace of those additions has declined over the past four weeks to the lowest since the week to March 10. U.S.
US Drillers Add Oil Rigs for 15th Week
U.S. drillers added oil rigs for a 15th week in a row, but the pace of those additions slowed in April to the lowest in five months as crude prices fell below $50 a barrel on doubts OPEC will continue to cut production enough to reduce the global glut. Drillers added nine oil rigs in the week to April 28, bringing the total count up to 697, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. While that is more than double the same week a year ago when there were only 332 active oil rigs, the pace of additions has declined in April with 35 rigs deployed, the lowest since November when 33 rigs were added.
US Drillers Add Oil Rigs for 14th Week in a Row
U.S. drillers added oil rigs for a 14th week in a row, extending an 11-month recovery that is expected to boost U.S. shale production in May in the biggest monthly increase in more than two years. Drillers added five oil rigs in the week to April 21, bringing the total count up to 688, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 343 active oil rigs. U.S. crude futures dropped below $50 a barrel on Friday, for the first time in two weeks and putting it on track for its biggest weekly loss in six weeks…
US Drillers Add Oil Rigs for 13th Week in a Row
U.S. drillers added oil rigs for a 13th week in a row, with the number of active rigs rising to near a two-year high, as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 11 oil rigs in the week to April 13, bringing the total count to 683, the highest since April 2015, energy services firm Baker Hughes Inc said on Thursday. At this time a year ago, there were 351 active oil rigs. Much of the weekly gain can be attributed to Texas's Permian basin, which added eight rigs on the week.
US Oil Rig Count Rises for 12th Straight Week
U.S. drillers added oil rigs for a 12th week in a row, extending the recovery into an 11th month as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 10 oil rigs in the week to April 7, bringing the total count up to 672, the most since August 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 354 active oil rigs. More than half of the rigs added since the recovery started in June after crude prices first topped $50 a barrel…
US Drillers Add Most Oil Rigs in a Quarter since 2011
U.S. drillers added oil rigs for an 11th week in a row in the best quarter for boosting the rig count since the second quarter of 2011, as a ten-month recovery gathers pace with energy companies boosting spending on new production. Drillers added 10 oil rigs in the week to March 31, bringing the total count up to 662, the most since September 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 362 active oil rigs. The 137 rigs added in the first quarter is the biggest boost in a quarter since the drillers activated a record 152 rigs in the second quarter in 2011…
