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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ENERGY
The monthly data from Baker Hughes released on Friday shown the international rig count fell by six in July, reflecting a pause in the overseas drilling recovery that may prove short-lived according to Bloomberg. The global oil and gas rig counts including US and Canada rose by 20 in July driven by a +40 increase from Canada.
- The international onshore tally declined by 12, including a drop of five in Latin America ending a string of five weekly gains.
- The offshore count rose by six, as rig additions in the Middle East offset the decline in Mexico. The offshore count of 231 is 50% above the 2020 low of 154 but is still 10% below the pre-pandemic peak of 257.
- Baker Hughes weekly data released on Friday continued to decline showing a slowdown in shale drilling. The US oil rig count is down from a peak of 627 in December to 525. The gas rig count was unchanged on the week at 128 to hold above the low of 124 seen at the start of July but well below 161 seen in early May.
Source: Baker Hughes
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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