Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the third consecutive week for the first since November. The number of oil and gas drilling rigs, a good indicator of future production, increased by five in the week ending February 6 to reach 551 - its highest level since November. Baker Hughes reported that despite the increase in rigs this week, there were still 35 rigs or 6% less than this time last year. Baker Hughes reported that oil rigs increased by one this week to 412, the highest level since December. Gas rigs grew by five to 130 - their highest level since November.
Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and natural gas rigs this week for a second consecutive week for the first since December. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending January 30 to 546, its highest level since December. Baker Hughes reported that despite this week's increase in rigs the total count is still 36 rigs or?6% lower than this time last year. Baker Hughes reported that oil rigs remained at 411 in this week. Oil and gas rig counts declined by 7%…
US natgas prices soar by 140% in the Arctic storm, increasing consumer costs
U.S. Natural Gas?Futures have jumped 140% in the last seven trading days. Cash gas and power prices also hit record highs this week, as an Arctic blast sent heating demands soaring, and frozen?oil?and?gas wells cut gas production to a 2-year low. Power prices are expected to rise sharply, putting pressure on consumers already paying higher bills due to the demand for power, particularly from data centers. Retail electricity prices are on the rise, rising faster than inflation since 2022. The U.S. Energy Information Administration has predicted that retail residential power prices will increase by another 4% this year, to a new record high.
Oil Prices Surge 3% on Worries of US Action Against Iran
Oil prices climbed about 3% to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the U.S. decides to attack Iran, one of the biggest crude producers in OPEC.Brent futures rose $2.10, or 3.1%, to $70.50 a barrel by 11:07 a.m. EST (1607 GMT), while U.S. West Texas Intermediate (WTI) gained $2.09, or 3.3%, to $65.30.That pushed both crude benchmarks into technically overbought territory and put Brent on track for its highest close since July 31 and WTI on track for its highest close since September 26.U.S.
Analysts say that US shale oil production could drop by 400,000 barrels a day if the price of a barrel drops to $40.
According to Jarand Rystad, CEO of Rystad Energy, U.S. shale oil production could drop by up to 400,000 barrels per day in the year 2026 if OPEC tries to gain market share. Rystad, a representative of OPEC, said that the U.S. shale oil production could stay flat if prices remain close to $60 a barrel. However, this would require OPEC members?to maintain production levels at current levels. Rystad said at the conference that "for 2026, we see a flat growth of shale if OPEC takes a more aggressive stance to bring back volumes." Last year, the U.S. Energy Information Administration predicted that American shale?production would reach 9.7 million barrels per day in 2025.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Baker Hughes, an energy services company, said in a closely-followed report published on Friday that U.S. firms added oil and gas rigs this week for the first time since three weeks. The number of oil and gas drilling rigs, a good indicator of future production, increased by 1 in the week ending January 23. Baker Hughes reported that despite this week's increase in rigs the total count is still 32 rigs lower than it was at this time last year. Baker Hughes reported that oil rigs rose by one to 411 in the past week. Gas rigs, however, remained unchanged at 122.
Oil Prices Drop 2% as Trump Tones Down Threats Against Greenland, Iran
Oil prices slid about 2% on Thursday after U.S. President Donald Trump softened threats against Greenland and Iran, and as investors assessed the supply-demand outlook.Brent futures fell $1.01, or 1.6%, to $64.23 a barrel at 11:26 a.m. EDT (1626 GMT). U.S. West Texas Intermediate (WTI) crude fell 96 cents, or 1.6%, to $59.66 a barrel, headed for its lowest close since January 15.Trump said he had secured total and permanent U.S. access to Greenland in a deal with NATO, whose head said allies would have to step up their commitment to Arctic security to ward off threats from Russia and China.Trump also backed off tariff threats and ruled out taking Greenland by force…
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, a leading energy services company, said in its closely watched report published on Friday that U.S. firms have cut back the number of natural gas and oil rigs for the second consecutive week. In the week ending January 16, the oil and gas rig counts, an early indicator for future production, dropped by one, to 543. This is the lowest it has been since mid-December. Baker Hughes reported that the total rig count is down 37 rigs or 6% from this time last week. Baker Hughes said oil rigs increased by one this week to 410, while gas-rigs dropped?by two, to 122. This is their lowest level since October.
EIA: US natgas production to reach record highs in 2026 while demand declines
The U.S. Energy Information Administration said Tuesday that the U.S. Natural Gas output will reach a record high by 2026 while demand is expected to decline. EIA predicted dry gas production would rise from a record of 107.4 billion cubic feet per day (bcfd) in 2025, to 108.8 in 2026, and 109.7 in?2027. The agency also predicted that domestic gas consumption would decline from an all-time high of?91.5 billion cubic feet per day (bcfd) in 2025, to 90.3, bcfd by 2026, and then 90.9 bcfd by 2027. The EIA's January 2026 projections were higher than the December forecast of 90.8 bcfd but lower than their production forecast?of 109.1bcfd. The agency forecast that average U.S.
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the first time in 3 weeks.
Baker Hughes, a closely watched energy services firm, said that U.S. firms have cut back on the number of oil rigs and natural gas rigs operating for the first time since three weeks. The number of oil and gas drilling rigs, a leading indicator of future production, dropped by two in the week ending January 9 to 544, the lowest level since mid-December. Baker Hughes reported that the total number of rigs is down by?40, or 7%, from this time last week. Baker Hughes reported that oil rigs dropped by three this week to 409, and gas rigs by one, the lowest level since October.
US Natural Gas Futures Fall Ahead of Warmer Weather, Slow Demand
U.S. natural gas futures began the year on a weak note on Friday, weighed down by forecasts for warmer weather and expectations of slower demand growth.Front-month gas futures for February delivery on the New York Mercantile Exchange were 9.6 cents, or 2.6%, lower at $3.59 per million British thermal units. The contract posted a 1.5% gain in 2025, after rising over 44% in 2024. "There were concerns that the La Nina was breaking down a little bit, leading to warmer temperatures. There's also some concern internationally of LNG supplies supposedly building faster than anticipated…
Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, an energy services company, said that U.S. firms added oil and natural gas rigs this week for the second consecutive week. The oil and gas rig counts, an early indicator of future output, increased by one in the week ending December 30 to reach 546, its highest level since December 12. Baker Hughes released its rig count report early because of the New Year's Day holidays. Baker Hughes reported that despite a?this week rig increase?, the total number of rigs was still 7.3% lower than this time last year. Baker Hughes reported that oil rigs rose by three this week to 412…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Energy services firm Baker Hughes said that U.S. firms added oil and gas rigs this week for the first time in 3 weeks. The number of oil and gas rigs, a good indicator of future production, increased by three in the week ending December 23. Baker Hughes has released its rig count report several days earlier than usual due to the Christmas Day holidays. Baker Hughes reported that despite this week's increase in rigs, the total count is still down by 44 rigs since?this time last. This represents a 7.5% decline. Baker Hughes reported that the number of oil drilling rigs rose by three this week to 409, while gas drilling rigs remained unchanged at 127.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, an energy services company, said that the U.S. firms have cut back on the number of oil and gas rigs for a second consecutive week for the first time since August. The number of oil and gas rigs, a good indicator of future production, dropped by six in the week ending December 19. This is the lowest since September. Baker Hughes reported that oil rigs dropped by eight this week to 406; their lowest level since September 2021. Gas rigs remained at 127, and miscellaneous?rigs increased by two to 9. Oil and gas rig counts are expected to decline by 5% in 2024, and by 20% in 2023. This is because lower U.S.
Baker Hughes reports that US drillers have cut back on oil and gas rigs a second time in the last three weeks.
Baker Hughes, a leading energy services company, said that U.S. firms cut back on the number of natural gas and oil rigs for a second consecutive week in its closely watched report published Friday. The oil and natural gas rig count fell to 548, the lowest level since November 26, a good indicator of future production. Baker Hughes reported that oil rigs increased by one this week to 414, the highest since November 21. Gas rigs dropped by two to 127. Oil and gas rig counts?declined about 5% by 2024, and 20% by 2023. This is because lower U.S.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations will ensure that the output of America's most prolific patch of oil will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin, which spans West Texas, and Southeast New Mexico, will produce a record 6.76 million barrels of oil per day in December. This is only slightly more than November's production. The U.S.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations mean that output in America's largest oil patch will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin, which spans West Texas and southeastern New Mexico will produce an unprecedented 6.76 million barrels of oil per day in December. This is only a little higher than November's total. The U.S.
EIA: US natgas production and demand will reach record highs by 2025
The U.S. Energy Information Administration stated in its "Short-Term" Energy Outlook on Tuesday that U.S. Natural Gas output and demand would 'both rise to new record highs by 2025. EIA projects that dry gas production in 2026 will increase from 103.2 billion cubic feet per day to 107.7 in 2025, and 109.1 in 2026. This compares to a record 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption would?rise? from a record high of 90.4 bcfd by 2024, to 91.8bcfd by?2025, before slipping to 90.8bcfd by 2026. The December 2025 projections were higher than the EIA demand forecast of 91.6 billion cubic feet per day (bcfd) in November…
Baker Hughes reports that US drillers have added rigs to their fleet for the fourth time in just five weeks.
Baker Hughes, a leading energy services company, said that U.S. companies added drilling rigs this week for the fourth time within five weeks. The number of oil and gas drilling rigs, a good indicator of future production, increased by five in the week ending December 5. This is its highest level since late November. Baker Hughes reported that oil rigs increased by six this week to 413, the highest level since late November. Gas rigs, on the other hand, fell by one, to 129, which is their lowest level since late November. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since September. In the week ending November 21, the oil and gas rig counts, a good indicator of future production, increased by five, to 554 - its highest level since June. Baker Hughes reported that oil rigs increased by two this week to 419, the highest level since October. Gas rigs also rose by two, to 127. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.