On September 3, 2015, the EIA (U.S. Energy Information Administration) is expected to release the weekly US natural gas in storage report.
The latest figures suggest that power plants consume around 33% of natural gas. Lower natural gas prices are leading to a switch from coal-based plants to natural gas power plants.
NYMEX-traded natural gas futures contracts for October delivery have held above their key support level of $2.60 per MMBtu (British thermal units in millions) for the last three days.
October natural gas futures contracts fell by 2% and settled at $2.64 per MMBtu (British thermal units in millions) on September 2, 2015.
September WTI (West Texas Intermediate) crude oil futures contracts rallied for the fourth trading session in the last five days.
Reuter’s preliminary surveys suggest crude oil output from OPEC fell in August 2015 to 31.77 MMbpd compared to 31.88 MMbpd in July 2015.
The EIA (U.S. Energy Information Administration) released its weekly crude oil, gasoline, and distillates inventories report on Wednesday, September 2, 2015.
NYMEX-traded WTI crude oil futures contracts for September delivery rose by 1.85% and settled at $46.25 per barrel on Wednesday, September 2, 2015.
On August 28, Baker Hughes (BHI) disclosed the US rig count at noon. WTI crude oil rose 0.31% to ~$44.91 following the disclosure.
In the week ended August 28, 2015, the US offshore rig count fell by two compared to the previous week to 30 rigs.
During the week ended August 28, 2015, the US onshore rig count fell by six from the previous week’s count.
The horizontal rig count decreased by five rigs in the week ended August 28, 2015, compared to the previous week’s count.
In the 12 months ended August 28, 2015, the number of active oil rigs in the Permian Basin fell by 301, or 55%. The Permian Basin rig count is at its lowest level since July 2010.
In the past year, the Eagle Ford Shale added seven rigs to its natural gas rig total, the most of any shale play in the US.
Since the beginning of this year, the number of natural gas rigs in operation fell by 126. The four-week average reduction in the natural gas rig count was two for the week ended August 28.
The crude oil rig count is down by 934, or 58%, since hitting 1,609 rigs on October 10, 2014. That week, the crude oil rig count was at its highest level since July 1987.
In the week ended August 28, the US rig count increased by one crude oil rig, while the natural gas rig count decreased by nine.
There were 877 active oil and gas rigs in the US in the week ended August 28, eight less than in the previous week. With last week’s loss, the US rig count went back into a declining trend.
NYMEX-traded WTI crude oil futures contracts for September delivery fell from the key resistance of $49 per barrel on September 1. Crude oil prices fell yesterday.
On August 28, 2015, Baker Hughes published its weekly crude oil rig count report. The data showed that the crude oil rig count didn’t change.