Free Trial
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.
ENERGY
The monthly data from Baker Hughes shows the international rig count, excluding US and Canada, fell by 23 in July to 934. The global oil and gas rig counts including US and Canada however rose by 7 in the month with a rise in Canada more than offsetting a drop in Asia Pacific.
- Total rig counts have fallen from 1819 in July 2023 driven primarily by a decline of 86 in the US to 586 while international rigs have fallen 27 in the year.
- The drop in Asia Pacific by 21 m/m and rise in Canada by 32 m/m were both driven by the total land count with the offshore counts relatively unchanged on the month.
- The latest Baker Hughes weekly US rig count data is due for release later today at 13:00ET. The US oil rig count last week recovered to 482 from the lowest since December 2021 at 477 the previous week. The gas rig count was last week holding just above the June low at 101.
Source: Baker Huges
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok