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
Baker Hughes rig count data release late on Friday showed an unexpected fall in oil rigs from 605 down to 598 but gas rigs continued to rise, up from 157 to 161.
- Both gas and oil rigs have gradually been increasing since mid 2020 and that increasing trend has been matched by a slow increase in US production of both gas and oil. Oil rigs have however been increasing at a faster rate than production, so production still lags behind the rig count despite the fall this week. Increasing costs and capital disciple have kept the pace of US production increases slower than that of the rig counts.
- The graphs below show rig counts compared to US production for both oil and gas
Source: Bloomberg
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