Crude oil rig count

Baker Hughes (BHI) released its weekly oil and gas rig report on July 2, 2015. For the week ending July 3, 2015, crude oil rigs rose massively by 13 to 641, according to Baker Hughes sources. In contrast, the crude oil active rig count fell by three to 628 for the week ending June 26, 2015.

Weekly US crude oil rigs rose for the first time in 2015. Since the previous week, crude oil rigs fell for 29 consecutive weeks. The last time the crude oil rig count rose was by three to 1,575 for the week ending May 12, 2015. Currently, crude oil rigs are 59% lower than the level of 1,562 in 2014.

Crude Oil Producers Are Confident: Oil Rigs Rise in 2015

The rise or fall in crude oil rigs determines the confidence of oil and gas producers. The rise in the rig count signifies a possible rise in crude oil and natural gas production on the anticipation of higher crude oil prices. In contrast, the fall in oil and gas rigs means a possible saturation in oil and gas production or a future fall in production. The rig count acts a barometer. It shows upstream companies’ confidence.

Oil prices rose more than 6% in 2015, despite losing more than 40% in 2015. The recent surge in oil prices and the rise in crude oil rigs signifies oil and gas producers’ rising confidence. This benefits oil and gas drillers like Schlumberger (SLB), Baker Hughes, and Halliburton (HAL).

Higher oil prices also benefit oil and gas ETFs like the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and the Select Sector SPDR Fund ETF (XLE).

Latest articles

Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.

The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.

Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.

Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.

14 Jun

IEA Again Slashes Its Oil Demand Growth Estimate

WRITTEN BY Rabindra Samanta

As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.

Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.

172.31.16.229