HAPPY RIG COUNT DAY!!

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Rigs have been steady or lower in the past couple of weeks despite higher oil prices. And while the US can do more with fewer rigs, compared to past years, I would still expect rig count to inch up in a few months, as it catches up with the higher oil prices. There is always a lag with the charts, oil prices compared to the number of rigs. It's not an instantaneous reaction.

While some are saying that this may mean the end to rig counts swaying prices, I beg to differ. Now that a single rig is responsible for so much more production, I say it will be the other way around after things shake out. Each rig taken out of service or put in service will have a greater effect on oil production than in years past.

For today, I say rigs will be up.

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Perhaps ... but remember earlier talk of the oilfield services companies not benefitting from the price rise and having carried the oil companies on their backs during the 'crisis'. Now they will be wanting payback and I expect services to get more expensive now. Maybe this will affect rig count?

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nah... Rig count up 15 this week!

 

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well maybe not this week, but I'm thinking eventually .. soonish

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Maybe. Dallas Fed survey for end of december says 42% of polled executives at 132 oil and gas firms expect rig count to rise "substantially" if oil holds between $61 and $65 per barrel.

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And US production reported this week was down. Go figure.

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Happy rig count day again, my fellow community members! 

Rigs up, down? Flat? And how about that Canada! They've added hundreds of rigs in the last few weeks. Production in US is now a hair's breadth away from 10 million bdp. 

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Heck yeah, IT'S RIG COUNT DAY!!

Oil prices down again today. Rigs up, down? Flat? What say you all? 

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US drillers added 29 rigs this week. HUGE. Mostly oil rigs. Bring on the bears!

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Huge dip in oil prices--a more than $2 hit on each. 

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meanwhile, back at the ranch, wcs is up more than 3 percent

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Rigs up this week:

Oil +1, Gas +2

Canada -12

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Can't see much crazy movements as a result of this data. Largely ho hum.

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Oil +1

Gas +2

Production up again -- 10.283 million bpd w/e Feb 23

 

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Hmm, it looks like the rig count is flattening out.. I wonder how many oil rigs will be added with WTI at $60

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13 hours ago, TomTom said:

Hmm, it looks like the rig count is flattening out.. I wonder how many oil rigs will be added with WTI at $60

I don't think we'll see the crazy adds we saw in the later part of 2016 and early 2017. Nevertheless, production is booming, because fewer rigs are needed now to kick out the same production. Every oil rig addition today means more than a single oil rig addition a year or two ago. 

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It's hard to believe but it's Friday again!  How does this keep happening?? it's the most wonderful day of the week because it's rig count day!! Predictions?

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Um... I kind of feel like I'm stepping out on the limb all alone here. IS NO ONE BUT ME EXCITED FOR RIG COUNT DAY??

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US: oil -4; gas +7

Canada: -29

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oil +4, gas +1, miscellaneous +1

Canada -54

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36 minutes ago, Rodent said:

oil +4, gas +1, miscellaneous +1

Canada -54

Given this data plus inventories, is there a reason why WTI is up?

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WTI is up on largely due to technicals, I think. There is absolutely no significant catalyst that I can see that would cause WTI would increase today.

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4 minutes ago, Rodent said:

WTI is up on largely due to technicals, I think. There is absolutely no significant catalyst that I can see that would cause WTI would increase today.

Thanks for the reply, at least I know I'm not that crazy!

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Baker Hughes Rig Count data 3/23/2018

US oil and gas rigs: +5

Canada oil and gas rigs: -58 (after losing 54 last week and 29 the week before)

 

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