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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
Baker Hughes weekly data released on Friday continued to decline showing a slowdown in shale drilling. The oil rig count is down from a peak of 627 in December to 592. The gas rig count was up slightly this week to 154 but below the peak of 166 back in September.
- In the monthly data also released on Friday the total worldwide rig count increased in February despite the drop in the US. Total global rig counts rose by +22 from January with an increase of +22 in Canada, +14 in international rigs and a -14 decrease in the US.
- The number of offshore rigs drilling for oil and gas in Africa is at a three-year high as Europe looks to the region to help replace Russian energy supplies.
- The continent is seeing higher operator confidence, rising investment decisions, and growing order backlogs according to Bloomberg. The number of rotary rigs offshore Africa rose to the highest level since 2020 at 24 in February.
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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