US oil and gas rig count climbed to 629 for the week ending March 15 according to Baker Hughes data, adding seven rigs vs. a week ago and erasing last week's losses. Rigs were added in the Permian (+3), Gulf of Mexico (+3), Eagle Ford (+2) and Haynesville (+1), while the Anadarko (-1) and Appalachia (-1) both lost rigs.
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Keepin' Up with the Daily Twists and Turns of Volatile, COVID-Era Energy Markets
Down to only two months left in 2020. Whew! We’ll all be relieved to see this one disappear in the rear-view mirror. It’s been an extreme roller coaster ride for oil and gas — from the onset of the COVID pandemic and the crude price collapse in the spring, to withering demand for transportation fuels, to one hurricane after another, to chaotic swings in natural gas prices. And being thrashed about by all this turmoil are the natural gas liquids, with each NGL product taking its own wild ride through erratic market conditions. It’s been a challenge just keeping up with what is going on. At RBN, we’ve been working on a new app to address this challenge, and today we are rolling it out to you, as a reader of our daily blog. We are talking about access to everything from spot and futures prices, to market statistics, to reports on intra-day pricing, and to market alerts as they happen. Sound interesting? If so, hang on to your hat and read on in this RBN product advertorial.
- Analyst Insight
US Rig Count Climbs For Second Consecutive Week, Despite Continued Low Gas Prices
US oil and gas rig count grew for the second consecutive week, climbing to 629 for the week ending March 1 according to Baker Hughes, a gain of three vs. a week ago. Rigs were added in the Permian (+1), Anadarko (+1), Appalachia (+1), Gulf of Mexico (+1) and All Other (+1) while the Haynesville (-2) was the only basin to lose rigs. Total US rig count is up four in the last 90 days, and down 120 compared to this week a year ago. Rigs in oil directed basins grew to 506 (+3), while lower gas prices continued to impact rig count in gas directed basins which fell to 119 (-1). Miscellaneous rigs increased by one vs. a week ago.
- Analyst Insight
US Rig Count Continues Downward Trend To Begin October, Even As Gas Rigs Climb Back Past 100
US oil and gas rig count continued last weeks downward trend falling to 585 for the week ending October 4, a decline of two. vs. a week ago according to Baker Hughes. Rigs were added in the Haynesville (+1), Appalachia (+1) and Niobrara (+1), while the Permian (-2), Anadarko (-2) and Gulf of Mexico (-1) all lost rigs. Total US rig count is flat vs. 90 days ago, and down 34 vs. this week a year ago. Gas-directed rigs climbed by three this week to 102 on rising prices and the beginning of higher winter demand, the first time they have exceeded 100 since late July. Oil-directed rigs (479) declined by five for the week and miscellaneous rigs (4) were flat.
