WTI Soars As U.S. Oil Rigs See Biggest Decline Of The Year

Baker Hughes has reported that the number of oil and gas rigs in the United States fell for yet another week, this time dipping 11 rigs—most of which was a loss to the number of oil rigs—the largest decline in the number of oil rigs this year. WTI and Brent continue on their upward trend as even more analysts agree on the increased likelihood that OPEC will extend their production cut agreement throughout all of 2018, and as EIA reports a continued drawdown of crude oil inventories in the US. Prices will likely increase even more as…

PDVSA Not Out Of The Woods Just Yet

Yet another of PDVSA’s bond is due on Thursday—this time in the amount of $1.169 billion. The bond is coming due just after another critical bond payment was received in the nick of time on Wednesday which was due last Friday—a bond that had no grace period—but other bondholders shouldn’t exhale just yet. Last Friday’s critical bond payment may have been received, but where PDVSA found the cash to make the payment is yet unclear, and where they will find the cash to make today’s bond payment—if they…

U.S. Oil & Gas Rig Count Falls As Brent Breaks $60

As Saudi’s comments regarding the OPEC extension send the Brent Crude benchmark over $60 in mid-day trading for the first time in more than two years, oil and gas rigs in the United States fell for yet another week, according to Baker Hughes, dipping 4 rigs.   The total oil and gas rig count in the United States now stands at 909 rigs, up 352 rigs from the year prior, with the number of oil rigs in the United States increasing by 1 this week and the number of natural gas rigs decreasing by 5. Canada saw a decline of 11 in the number…

Why Millennials Can’t Bank On Clean Energy Jobs

According to the Bureau of Labor Statistics, the job expected to see the most growth in terms of hiring over the next nine years is an energy-related job: solar photovoltaic installer—but Millennials beware—the term “top growing” is a bit misleading. The number of solar photovoltaic installers is expected to double by 2026, which sounds super promising on its own. Millennials, after all, are always looking for those meaningful jobs instead of those dirty oil-industry jobs, but millennials beware—there were just 11,300…

Oil Prices Up After API Reports Huge Gasoline Draw

The American Petroleum Institute (API) reported a small build of 519,000 barrels in United States crude oil inventories, while an S&P Platts’ survey of analysts expected inventories would draw down by 425,000 barrels for the week ending October 20. Gasoline inventories, according to the API, saw a huge draw of 5.753 million barrels for the week ending October 20, against a smaller expected draw of 2.3 million barrels.   Both WTI and Brent benchmarks were up on lingering concerns that the US/Iran standoff could disrupt oil supplies,…

The World’s Top Crude Trader Sees Brent Crashing To $45

The world’s largest oil trader sees the price of the Brent barrel falling almost $14 to $45 in 2018, from its current price of $58.01, according to Ian Taylor, CEO of Vitol Group. Taylor is predicting a surge in oil production from US drillers—an event that would likely drag oil prices downward in 2018 to $45 per barrel. Despite the general optimism in the industry regarding oil prices, Taylor sees this optimism as false hope. “I think there’s a chance oil could fall closer to $40 than $50, because I think there’s…

OPEC Favors 9-Month Extension Of Production Cut Agreement

OPEC favors a nine-month extension to the OPEC/NOPEC production cut deal, according to four anonymous Reuters sources, which would push out the agreement until December 2018. The possibility of extending the cuts through end 2018 has been discussed before, and OPEC has been saying for quite some time that OPEC would be willing to do “whatever it takes” to balance the oil market. Still, OPEC has been reluctant to commit to anything beyond the existing agreement, which holds production at 32.5 million bpd for OPEC members—a 1.2-million…

Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw

Crude oil inventories are still coming down. The American Petroleum Institute (API) reported a huge draw of 7.130 million barrels in United States crude oil inventories, compared to an S&P Platts’ survey of analysts that expected inventories would draw down by 3.9 million barrels for the week ending October 13. Gasoline inventories, according to the API, saw a surprise build of 1.941 million barrels for the week ending October 13, against an expected draw of 340,000 barrels. Both WTI and Brent benchmarks were up on Monday on concerns…

U.S. Oil Production To Increase in November As Rig Count Falls

U.S. oil production is set to increase in November, according the Energy Information Administration’s (EIA) Drilling Productivity Report published on Monday. (Click to enlarge)The EIA has forecast an increase of 81,000 barrels per day in November over October levels, even as the number of active oil rigs in the United States dipped steadily over the third quarter, shedding 20 rigs over the last eight weeks. The EIA is also predicting that U.S. crude oil production will hit 9.9 million barrels per day in 2018, a new high for the United States,…

Saudi Arabia Looks To Shelve Aramco IPO

Oil giant Saudi Aramco is thinking about reneging on its much talked about plans to publicly list a 5% stake in the company, Financial Times sources said on Friday. Last month, the Saudi government came up with contingency plans for a possible delay, according to Bloomberg sources, which didn’t go into detail about what the drivers behind the delay could be. A day after media reported that the IPO could be delayed, Aramco sent an email to media dispelling the notion that the IPO could be delayed, saying instead that the IPO was indeed on…

Husky Energy Set To Restart Pipeline

Husky Energy (TSE: HSE) received a greenlight to restart its pipeline after successfully undergoing testing, inspection, and evaluation of a previously ruptured pipeline, according to local media. Last July, Husky’s pipeline leaked about 225,000 liters of heavy oil mixed with a diluent, about 40 percent of which made its way into the North Saskatchewan River. That was 15 months ago, and the pipeline has been idle ever since. The Saskatchewan government gave the go-ahead to restart the pipeline on Wednesday, but the approval doesn’t…

Surprise Oil Inventory Build Shocks Markets

The American Petroleum Institute (API) reported a surprise build of 3.097 million barrels in United States crude oil inventories, compared to an S&P Platts’ survey of analysts that expected inventories would draw down by 400,000 barrels for the week ending October 6. Gasoline inventories, according to the API, saw a decrease of 1.575 million barrels for the week ending October 6, against an expected build of 1.4 million barrels. Both WTI and Brent benchmarks were up on Tuesday as much of US offshore production remains offline after more…

World’s No.1 Oil Trader: U.S. To See Final Oil Output Spike In 2018

The best is yet to come for US oil production—but it will be a short-lived hurrah, according to Ian Taylor, head of oil trading giant Vitol. US oil production has steadily increased throughout 2017 as US drillers regained their footing after the oil price crash. What started out at 8.946 million bpd of crude oil production in the first week of January has now reached an average of 9.561 million bpd as of September 29, according to the EIA. The EIA is expecting US oil production to reach 9.8 million bpd in 2018, according to the latest Short…

U.S. Oil Rig Count Falls As Prices Falter

The number of active oil and gas rigs in the United States fell this week by 4 rigs. The total oil and gas rig count in the United States now stands at 936 rigs, up 412 rigs from the year prior, with the number of oil rigs in the United States decreasing by 2 this week and the number of natural gas rigs decreasing by 2. The oil rig count now stands 320 above the count one year ago. The spot price for WTI fell earlier on Friday as traders feared further rises in U.S. crude oil inventories as refineries in the US once again brace for stormy weather,…

Oil Prices Under Pressure After API Reports Large Gasoline Build

The American Petroleum Institute (API) reported a draw of 4.079 million barrels in United States crude oil inventories, compared to more modest analyst expectations that inventories would draw only 756,000 barrels for the week ending September 29. Gasoline inventories, on the other hand, delivered a blow with a larger than expected build of 4.19 million barrels for the week ending September 29, against an expected build of only 1.088 million barrels. Last week, too, saw a large gasoline build. Both WTI and Brent benchmarks fell again on Tuesday…

Oil Prices Inch Higher After Surprise Crude Draw

The American Petroleum Institute (API) reported a draw of 761,000 barrels in United States crude oil inventories, compared to analyst expectations that inventories would build by 3.422 million barrels for the week ending September 22. Gasoline inventories built for the first time in two weeks, by 1.470 million barrels for the week ending September 22, against an expected draw of 921,000 barrels. Both WTI and Brent benchmarks fell on Tuesday, but they were both still up over $2.00 week on week. WTI hit 7-month high yesterday at the close of trade,…

Oil Steady At $50 Amid Falling U.S. Oil Rig Count

The number of active oil and gas rigs in the United States fell this week by 1 rig.   The total oil and gas rig count in the United States now stands at 935 rigs, up 424 rigs from the year prior, with the number of oil rigs in the United States decreasing by 5 this week and the number of natural gas rigs increasing by 4.  Canada’s rig count additions appears to be leveling off, and despite its large swings in the number of active rigs on a weekly basis, has roughly the same number of oil rigs in operation that it had back at the…

Venezuela Publishes Oil Prices In Yuan For First Time

In a move that is largely seen as Maduro giving Washington the middle finger, Venezuela has made good on its promise to layoff the U.S. dollar, publishing its oil prices in yuan on Friday. Last Friday, Maduro had announced the forthcoming change, but that threat came after 14 years of similar threats, made by former leader Hugo Chavez, who was sure the dollar would someday lose its place in the currency pecking order. Venezuela’s choice to price its oil in yuan is an interesting, if not toothless maneuver, that goes against earlier reports…

U.S. Oil Rig Count Continues To Collapse

The number of active oil and gas rigs in the United States fell this week by 8 rigs. The total oil and gas rig count in the United States now stands at 936 rigs, up 430 rigs from the year prior, with the number of oil rigs in the United States decreasing by 7 this week and the number of gas rigs decreasing by 1. Canada, meanwhile, added 10 oil rigs for the week ending September 15. Oil rigs in the United States now number 749—333 rigs above this time last year. Although the number of oil rigs are still up significantly year on year, the increases…

Oil Prices Rise After API Reports Largest Gasoline Draw On Record

The American Petroleum Institute (API) reported a build of 6.181 million barrels in United States crude oil inventories, compared to analyst expectations that inventories would build by 10.1 million barrels for the week ending September 8 as many refineries in the Gulf Coast remain offline and demand in Florida wanes in the wake of the most recent hurricane. Gasoline inventories fell more than anticipated—by 7.896 million barrels for the week ending September 8, against an expected draw of 4.0 million barrels. Crude oil prices rose on Tuesday…

Oil Prices Slip Amid Falling U.S. Rig Count

The number of active oil and gas rigs in the United States rose this week by 1 rig. Baker Hughes Rig Count last week was largely unchanged as well, with data for 47 counties South Texas largely unavailable last week due to the Hurricane, according to BH. The total oil and gas rig count in the United States, two weeks post-Harvey, now stands at 944 rigs, up 436 rigs from the year prior, with the number of oil rigs in the United States decreasing by 3 this week and the number of gas rigs increasing by 4. Oil rigs in the United States now number 756—342…

U.S. Oil Rig Count Flat Despite Hurricane Harvey

The number of active oil and gas rigs in the United States rose this week by 3 rigs, largely dispelling earlier analyst notions that Hurricane Harvey would delay as much as 10 percent of upcoming fracking work, and suspend roughly half the rigs in Eagle Ford. The total oil and gas rig count in the United States, post Harvey, now stands at 943 rigs, up 446 rigs from the year prior, with the number of oil rigs in the United States flat this week and the number of gas rigs increasing by 3. Oil rigs in the United States now number 759—352 rigs…

API Reports Significant Crude Oil Draw, Small Gasoline Build

The American Petroleum Institute (API) reported a major draw of 5.78 million barrels in United States crude oil inventories, compared to analyst expectations of a draw of 1.75 million barrels for the week ending August 25. Gasoline inventories rose by 476,000 barrels for the week ending August 25. Crude prices fell on Monday and Tuesday as traders fear crude oil inventories will rise as Hurricane Harvey takes offline refining capacity in the United States, potentially for weeks until refineries are back running at full capacity. Although there…

Oil Prices Rise Amid Falling U.S. Rig Count

The number of active oil and gas rigs in the United States fell this week by 6 rigs. Combined, the total oil and gas rig count in the US now stands at 940 rigs, up 451 rigs from the year prior, with the number of oil rigs in the United States decreasing by 4 and the number of gas rigs decreasing by 2. Oil rigs in the United States now number 759—353 rigs above this time last year. Canada lost 6 oil rigs again this week, with the number of gas rigs increasing by 9—bringing Canada’s total to 217 oil and gas rigs—71 above the…

Oil Prices Slip After API Reports Build In Gasoline Inventories

The American Petroleum Institute (API) reported a major drawdown on U.S. crude oil inventories of 3.595 million barrels—one-third of last week’s API-reported draw of 9.2 million. Cushing inventories were also down 462,000 barrels, for the week ended August 18.  Gasoline inventories rose significantly, up 1.402 million barrels, while distillates were up 2.048 million barrels. At 4:49 pm EST, right after the API data release, WTI was at $47.63, while Brent was trading at $51.69. (Click to enlarge) On Friday, crude oil prices had…

Oil Prices Climb As Oil Rig Count Drops

The number of active oil and gas rigs in the United States fell this week by 3 rigs as drillers in the United States proceed more cautiously as oil prices fail to sustain any significant increase. Combined, the total oil and gas rig count in the US now stands at 946 rigs, up 455 rigs from the year prior, with oil rigs in the United States decreasing by 5 and gas rigs increasing by 1. Oil rigs in the United States now number 763—357 rigs above this time last year. Canada lost 6 oil rigs this week, with the number of gas rigs holding steady—for…

Oil Prices Rise As API Reports Huge Crude Inventory Draw

The American Petroleum Institute (API) reported a major draw of 9.2 million barrels in United States crude oil inventories—the biggest draw since September 2016. The draw compares to analyst expectations of a draw of 3.6 million barrels for the week ending August 11. Gasoline inventories rose by 301,000 barrels for the week ending August 11, compared to analyst expectations that inventories for the fuel would fall by 1.5 million barrels. Crude prices fell on Tuesday—despite an export terminal closure in Libya on the back of worker protests—on…

Oil Rig Count Rises Despite Ballooning Shale Debt

The number of active oil and gas rigs in the United States fell this week by 5 rigs, but the amount of oil rigs increased as drillers in the United States continue to add rigs in defiance of low oil prices, albeit at a slower rate. Combined, the total oil and gas rig count in the US now stands at 949 rigs, up 468 rigs from the year prior, with oil rigs in the United States increasing by 3 and gas rigs declining by 8. Oil rigs in the United States now number 768—372 rigs above this time last year. Canada, which lost 3 oil and gas rigs last…

EIA STEO Revises Its 2018 US U.S. Crude Oil Production

The EIA has adjusted downward its projections for U.S. crude oil production growth in 2018, according to its most recent Short-Term Energy Outlook (STEO) published on Tuesday, but the agency still raised the total U.S. crude oil production expected for 2018. The agency is now forecasting that U.S. crude oil output will rise by 560,000 barrels per day in 2018, down from last month’s projection of 570,000 barrels per day for 2018.  Still, the EIA’s forecast for average U.S. crude oil production in 2018 has been revised upward, based…

OPEC Meeting Fails To Impress Market With Reaffirmation

Iraq, Kazakhstan, and the United Arab Emirates—three of OPEC’s most disobedient members when it comes to adhering to the production cut deal agreed to in November last year—reaffirmed their commitment to the deal at OPEC’s most recent meeting in Abu Dhabi. Malaysia also reaffirmed its support. While the industry was largely hoping that the meeting would bear more fruit than mere affirmations, this latest round of meetings, held Monday and Tuesday, was always touted by OPEC to be nothing more than talks on compliance—or,…

Oil Prices Rise As The U.S. Rig Count Falls

The number of active oil rigs in the United States fell this week by 1 rig as drillers in the United States proceed more cautiously than earlier in the year.  Combined, the total oil and gas rig count in the US now stands at 954 rigs, up 490 rigs from the year prior, with oil rigs in the United States decreasing by 1 and gas rigs decreasing by 3. Canada, which added 14 oil and gas rigs the week prior, lost 3 rigs this week, with the number of oil rigs falling by 5 and gas rigs increasing by 2. Prices lost a bit of ground on the week as signs…

Oil Prices Slammed After API Reports Surprise Build In Crude Inventories

The American Petroleum Institute (API) reported a surprise build of 1.779 million barrels in United States crude oil inventories, compared to S&P Global Platts survey of analysts who expected a draw of 2.8 million barrels for the week ending July 21. This week’s build comes after a major draw last week. Gasoline inventories fell this week, more sharply than expected, with a 4.827-million-barrel draw for the week ending July 28, compared to analyst expectations that inventories for the fuel would fall by 1.3 million barrels. Crude prices…

Pace Of US Oil Rig Count Growth Slows As Prices Climb

The number of active oil rigs in the United States rose this week by 2 rigs showing a growth—albeit a slower one—in oil drilling as US players proceed more cautiously than before. Combined, the total oil and gas rig count in the US now stands at 958 rigs, up 495 rigs from last year, with oil rigs in the United States increasing by 2 and gas rigs increasing by 6 this week. Canada, which added 15 oil and gas rigs the week prior, added another 14 rigs for week this week. Of the 14 new active rigs this week in Canada, 11 were oil rigs.…

Will The UAE Further Boost Its OPEC Compliance?

Following Saudi Arabia’s pledge to do the same, the United Arab Emirates announced on Tuesday its plans to reduce oil exports beginning in September of this year. The announcement was delivered on Twitter from UAE’s Minister of Energy, Suhail Mohamed Al Mazrouei, reiterating its commitment to “share in OPEC production cut.” (Click to enlarge) As for the UAE’s oil customers, we’re talking about mostly Japan, who receives 62 percent of the UAE’s crude oil exports, according to the UAE Embassy website. Saudi…

Oil Prices Leap Higher After API Reports Huge Crude Draw

The American Petroleum Institute (API) reported a huge draw of 10.23 million barrels in United States crude oil inventories, compared to S&P Global Platts survey of analysts who expected a draw of only 2.5 million barrels for the week ending July 21. Gasoline inventories, on the other hand, bucked analyst traditions with a 1.903-million-barrel build for the week ending July 21, compared to analyst expectations that inventories for the fuel would fall by 1.25 million barrels. Crude prices were up over 3 percent on Tuesday afternoon on expectations…

U.S. Oil Rig Count Falls By 1 As Canada Adds 15 Rigs

The number of active oil rigs in the United States fell this week by 1 rig—it’s second loss in four weeks, and its third loss this year—in a sign that the gains we’ve seen week after week are starting to slow. Combined, the total oil and gas rig count in the US now stands at 950 rigs, with oil rigs falling by one and gas rigs falling by one. The market may want to rejoice in this week’s falling US rig count, but things don’t look so good everywhere when it comes to oil prices—Baker Hughes also reported…

API Reports Surprise Build In Crude Inventories

The American Petroleum Institute (API) reported a build of 1.628 million barrels in United States crude oil inventories, compared to analyst’s expectations that this week would see a draw of 3 million barrels for the week ending July 14. Gasoline inventories saw a significant drawdown, although unlikely to totally offset those who were expected a draw in crude oil inventories. Gasoline inventories fell by 5.448 million barrels for the week ending July 14, compared to analyst expectations that inventories for the fuel would fall by only 500,000…

OPEC Dragging Feet On Capping Libya, Nigeria Oil Production

Kuwati’s OPEC governor, Haitham Al-Ghais, said on Friday that it was not yet time to curb crude oil production in Libya and Nigeria—the two OPEC members with the largest production increases over the last two months. The reason for OPEC’s unwillingness to pull the trigger on a cap for its two African members, according to Al-Ghais, is that both countries need to stabilize further. Both countries have seen a significant increase in oil production in May and June. For the month of May, Libya accounted for OPEC’s sharpest increase…

Oil Prices Hold Steady As U.S. Oil Rig Count Rises

The number of active oil and gas rigs in the United States was flat this week overall, after gaining 505 rigs in the last 12 months. But on the oil side, the number of rigs still increased—this week by two—while gas rigs decreased by 2 for a net growth of zero. Combined, the total oil and gas rig count in the US now stands at 952 rigs. Prices rose by mid-day on Friday with Shell’s declaration of a force majeure on Nigeria’s Bonny Light grade, and on yesterday’s IEA report showing a forecast for increased global demand…

Rig Count Climbs Higher After Last Week’s Intermission

The number of active oil and gas rigs in the United States rose again this week, this time by 12, resuming what was the US shale patch’s impressive run of 23 weeks of steady gains, prior to last week’s decrease of a single rig. The number of oil rigs in operation increased by 7, while gas rigs increased by five—putting to rest any lingering optimism that last week’s decrease in rigs was a sign of an upcoming downward trend in the number of active rigs. Combined, the total oil and gas rig count in the US now stands at 952…

API Reports A Larger Than Expected Crude Draw

The American Petroleum Institute (API) handed oil markets a sliver of hope this afternoon by reporting a sizeable draw of 5.764 million barrels in United States crude oil inventories, compared to analyst’s expectations that this week would see a more modest 2.83-million-barrel draw for the week ending June 30. And the market is in desperate need of that optimism, after prices fell sharply earlier today on reports that Russia is taking a rather tough stance against deeper OPEC/NOPEC production cuts. At 4:06pm EST, WTI was trading down 4.42…

U.S. Rig Count Reverses After 23-Week Streak

The number of active oil and gas rigs in the United States fell by a single rig this week, and thus concludes the US shale patch’s impressive run of 23 weeks of steady gains. The decrease comes as oil prices are on track to record their worst first-half performance since H1 1998. The number of oil rigs in operation decreased by two, while gas rigs increased by one. Combined, the total oil and gas rig count in the US now stands at 940 rigs, which is 509 rigs over a year ago today. While the numbers were down for the first week in a long time…

Oil Prices Slide After API Reports Crude, Gasoline Build

The American Petroleum Institute (API) reported a build of 851,000 barrels in United States crude oil inventories, compared to analyst’s rather steady-as-she-go-yet-still-too-optimistic expectations that this week would see between a 2.3-million-barrel and 3.25-million-barrel draw for the week ending June 23. Today’s build is likely to take all the wind out of any remaining optimists’ sails, after prices recovered earlier Tuesday by about 2% as investors prematurely priced in what they thought would be a small crude oil inventory…

U.S. Oil Rig Count Rises For 23rd Week In A Row

The number of active oil and gas rigs in the United States rose again this week by 8—marking 23 weeks of gains and continuing to press upon battered markets who are growing increasingly dissatisfied with OPEC’s production cut efforts to rebalance the supply and demand equation. The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 941 rigs, which is 520 rigs over a year ago today, when oil prices were significantly higher than they were today.…

Oil Prices Get Tiny Reprieve As API Reports Modest Crude Draw

The American Petroleum Institute (API) reported a draw of 2.72 million barrels in United States crude oil inventories, compared to analyst expectations that the EIA would report a 2.0-million barrel draw for the week ending June 16. This week’s inventory draw almost completely offsets last week’s API-reported crude inventory build of 2.75 million barrels. Oil prices started off the week with a rather poor showing, only worsening on Tuesday. As so often is the case, prices rallied on Tuesday—if you are inclined to call it a rally—from…

No Respite For Oil Prices As U.S. Rig Count Gains, Canada Adds 27 Rigs

The number of active oil and gas rigs in the United States rose again this week by 6—making 22 weeks of gains, continuing the longest growth streak in oil and gas rig increases since at least 1987, which is the earliest date that Baker Hughes Excel data is available. Last week, both the US and Canada saw significant increases in the number of active oil and gas rigs—11 in the US and 33 in Canada. This week, Canada saw another large growth spurt, adding 27 rigs. The number of oil rigs in operation increased by 6, while gas rigs increased…

Oil Prices Plunge After API Reports Surprise Build In Crude Inventories

The American Petroleum Institute (API) reported a build of 2.75 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.7 million barrels for the week ending June 9—a 5.45-million-barrel discrepancy that is bound to unsettle already unsettled markets. It seems that oil inventories are particularly unpredictable as of late, with last week, the API and EIA reporting remarkably disparate figures in the amount of crude oil inventory movement—a 7.9-million-barrel discrepancy…

U.S. Rig Count Continues Its Ascent Unabated

The number of active oil and gas rigs in the United States rose again this week by 11—making it 21 weeks of consecutive gains—the longest growth streak since at least 1987, which is the earliest date that Baker Hughes Excel data is available. As if the 11 rigs added to the U.S. repertoire weren’t enough, Canada added 33 rigs this week as well. The number of oil rigs in operation increased by 8, while gas rigs increased by 3. Combined, the total oil and gas rig count in the U.S. now stands at 927 rigs, which is 513 rigs over a…

Oil Prices Rise Following Another Big Inventory Draw

The American Petroleum Institute (API) reported a draw of 4.62 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of only 3.5 million barrels for the week ending June 2. This week’s draw, according to the API, is the seventh week of draws in the last 10 weeks, with a total draw of almost 27 million over the last ten weeks. (Click to enlarge)Oil markets have been, for the last couple of weeks, cautious and slow to react to the positive news of crude oil inventory draws. This…

Oil Prices Fall As U.S. Rig Count Rises For 20th Straight Week

The number of active oil and gas rigs in the United States rose for the twentieth straight week, Baker Hughes reported on Friday—this time by 8, as drillers in the US make do with current barrel prices even below $50. The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 916 rigs—more than double the number of rigs in operation a year ago, when WTI barrel prices were about $49.05—higher than today’s price per barrel for WTI. Say…

Oil Prices Spike After API Reports Biggest Crude Draw This Year

The American Petroleum Institute (API) reported a draw of 8.67 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of only 2.8 million barrels for the week ending May 26. The news of a larger than expected draw will no doubt be welcomed by the industry, as oil prices in the last couple of weeks have seem particularly resistant to the efforts of OPEC to rebalance the oil market, and it appears equally as resistant to dwindling US oil inventories—the latter of which has been…

Unstoppable: U.S. Adds Oil, Gas Rigs As OPEC Extends Deal

The number of active oil and gas rigs in the United States rose for the nineteenth straight week, Baker Hughes reported on Friday by 7, signaling that the US Shale patch is, for OPEC, an unstoppable force. The number of oil rigs in operation increased by 2, and gas rigs increased by 5. Combined, the total oil and gas rig count in the US now stands at 908 rigs, or 504 above the count a year ago. This is on top of drilled but uncompleted wells in the US, which are also on the rise, swelling from 5,534 in March 2017 to 5,721 in April 2017, according…

Oil Prices Rise As API Reports Draws Across The Board

The American Petroleum Institute (API) reported a draw of 1.5 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.3 million barrels for the week ending May 19—the second such expectation in two weeks. While 1.5 million barrels is not a huge draw, this week’s crude oil inventory draw was accompanied by across the board draws for gasoline, distillates, and oil at the Cushing, Oklahoma facility as well. (Click to enlarge)Gasoline inventories fell by a sizable 3.15…

Rise In Rig Count Threatens To Undermine Recent Oil Price Spike

The number of active oil and gas rigs in the United States rose for the eighteenth straight week, Baker Hughes reported on Friday—this time by 16. The number of oil rigs in operation increased by 8, and gas rigs increased by the same number. Combined, the total oil and gas rig count in the US now stands at 901 rigs, or 497 above the count a year ago. The last time oil and gas rigs in the US exceed 900 was May 1, 2015. At 12:27pm EST, WTI was trading up 2.21% for the day at $50.44—having crossed the ever-important $50-per-barrel mark.…

Oil Prices Slip After U.S. API Reports Build In Crude Stocks

The American Petroleum Institute (API) reported a build of 882,000 barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.3 million barrels for the week ending May 12. This week’s build ends a run of five draws over the last six weeks, using API data. Gasoline inventories fell by 1.88 million barrels, according to the API. Gasoline inventories continue to worry markets, as refiners continue to turn crude oil into gasoline above demand for the fuel. While there was tough talk from…

Oil Rebounds After API Reports Biggest Crude Draw This Year

The American Petroleum Institute (API) reported a hefty draw of 5.789 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a crude oil draw of 1.8 million barrels for the week ending May 5. Gasoline inventories rose by 3.169 million barrels, according to the API, against an expected draw of 700,000 barrels. Gasoline inventories continue to worry markets, as refiners continue to turn crude oil into gasoline above demand for the fuel. So while crude oil has experienced an overall drawdown…

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