Brocker.Org: Weekly U.S. Oil Rig Count: Permian Rig Count Has Doubled – Seeking Alpha

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A sleepy holiday break weekend, with no key variations across basins or regions with the exception of the Gulf of Mexico which dropped two oil rigs. This week nevertheless, marks the place the place the rig count in the Permian has exactly doubled from the bottom registered eight months back.

Crude oil costs (NYSE: USO) traded within just a really slender array throughout the week on really lower volume.

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Supply: Finviz.com

Information:

Supply: Baker Hughes

* Overall U.S. oil rig count amplified by two, with smaller boosts in the Permian and various shale manufacturing regions, and drops in the ‘Other’ location, which contains the Gulf of Mexico.

In full, oil rigs are up by sixty six% considering that the bottom in late Might 2016. Nearly all of the rigs extra have been horizontal.

* Horizontal rigs amplified by six throughout the week. We believe 4 of them are oil rigs.

In full, the horizontal rig count is up by 69.5% considering that the bottom in late Might.

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Supply: Baker Hughes, Orangutan Money

Even though the oil rig count did not improve by a great deal, there were a few rigs extra in the Permian and various rigs extra in shale manufacturing regions, merged with decreases in marginal basins moreover the Gulf of Mexico.

* The Permian oil rig count amplified by two. In full the rig count in the Permian amplified by 29 or twelve% throughout the month of December. Because the bottom in late April/early Might, the rig count in the Permian has doubled.

* The shale manufacturing regions registered an improve of 4 new rigs throughout the week with no key boosts in any unique basin.

* There was a drop of two rigs in the Gulf of Mexico.

* There were 3 new purely natural fuel rigs extra throughout the week, but no new rigs in the Haynesville, Marcellus or Utica shales.

Conclusion:

A lazy holiday break week, with some activity in the Permian and various shale manufacturing regions but no key variations in the full count. A symbolic mark is that with the improve registered this week, the number of rigs in the Permian has exactly doubled from the bottom arrived at throughout late April/early Might. We really should still see extra activity in this basin heading forward.

Disclosure: I/we have no positions in any stocks talked about, and no designs to initiate any positions within just the subsequent 72 several hours.

I wrote this posting myself, and it expresses my possess opinions. I am not receiving payment for it (other than from Trying to find Alpha). I have no business enterprise relationship with any enterprise whose inventory is talked about in this posting.

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