Sentences with phrase «rig count dropped»

The U.S. oil - rig count dropped by 16 to 578 in the latest week, the ninth consecutive week of declines, according to Baker Hughes Inc..

Not exact matches

In any case, lower inventories in the short - term should temporarily help supply and demand rebalance, along with the drop in the North American rig count.

Natural Gas Natural gas futures were among the quarter's key decliners -LRB--7.5 %, to US$ 2.73 per million British thermal units) as production growth outweighed seasonal consumption and higher exports of the fuel.1 Spot prices saw an even larger drop of 20.6 % (to US$ 2.81) as the support of December's weather - related demand spikes faded and a more normal winter pattern developed.1 Natural gas generally took its downward price cues from elevated US production and growth in the natural gas - focused rig count, which increased from 179 to 194 in March alone.2 Despite the price drop, traders remained optimistic given surging US shale - gas exports and a supply deficit that was 20 % larger than the five - year average at March - end, the biggest in four years.3 Moreover, total natural gas inventories of 1.38 trillion cubic feet were nearly 33 % below their year - ago level.3 Meanwhile, the market appeared focused on an anticipated production surge (2018 is projected to be a record growth year for gas supplies) and may have overlooked intensifying demand as US exports increasingly helped drain supplies.

Crude oil prices are taking a step back on Monday as an increase in rig counts and a drop - in supply in Cushing, Okla., and a perceived drop in Geo - political risk premium are causing traders to take a step back.

«Eagle Ford production has been on an upward trend since it bottomed out in late 2016, although rig counts have been declining since reaching 86 on May 26,» Dallas Fed said, noting that the Eagle Ford output dropped in late August and early September due to curtailments amid Hurricane Harvey.

The opportunity arose, I argued, because it seemed to me that the oil environment was finally, in fact, ready to improve — oil stockpiles were finally dropping below 5 - year averages and declining steadily, and rig counts were due to decline as well, after so many months of sub-profitable oil prices.

On the other hand, some analysts see the drop in the US rig count and question whether US shale oil output will continue rising.

Although many supporting events happened simultaneously last week like a continued drop in US rig counts, concern about falling production in Canada and Bakken, the decision by the Fed to hold off on the interest rate hike and the Russian attacks on Syria, it's difficult to make the case the rally is sustainable.