The Baker Hughes International Rig Count is out. I have decided to try something new with the charts. That is to compare the current year’s rig count with the previous two years count and to insert, within the charts, the percent change for this year as compared to last year. Also, this is the total rig count, Oil and Gas. Also the charts are not zero based. I do this in order to better emphasize the monthly change.
July usually sees a big jump in rig counts. This year there was a very tiny July increase, only a fraction of the increase we usually see for July.
*The Total International rig counts does not include the USA, Canada or the FSU. The Total International rig count was down 28 in July to 1118. Last July it was up3 to 1344.
The Middle East is the only place that rig counts are holding up. Rig counts for July are down 32 to 391 but they are still above their 2013 levels.
Latin American rigs fell 1 to 313 and are 23% below their 2014 level of 410.
Europe’s rig counts fell in July to 108. That is 45 rigs below last July’s count of 153.
Africa’s rig count dropped by 9 to 94. That is 43 rigs below last July’s count of 137.
The Asia Pacific rig count dropped by 3 to 212. That is 41 rigs below last July’s count of 253.
*The Total World rig count includes the USA and Canada but not the FSU. The Total World rig count increased by 31 to 2,167. That is 1,441 rigs below last July’s count of 3,608. The percentage decrease from last July is just under 40%.
The US rig count is leveling out. The US rig count was up 5 to 866 but that is still 1010 rigs or 53.84 percent below last July’s rig count of 1876 total rigs.
Canada’s total rig count increased by 54, from 129 to 183. However last July’s increase was 110 rigs, from 240 to 350. So this year’s July increase was less than half last July’s increase.
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Plantagenet on Fri, 7th Aug 2015 7:13 pm
Good to see the international drill rig count falling. This is exactly the behavior one would expect in an oil glut—-the price of oil falls and less drilling gets done. It shouldn’t be long now until we start to see supply tighten, and the price of oil start back up.
Unless, of course, iran starts dumping its oil on the market and drives the price down even further.
CHEERS!
Nony on Fri, 7th Aug 2015 7:15 pm
Oil got slammed today. 43.75. Ai yi yi.
Plantagenet on Fri, 7th Aug 2015 7:18 pm
Thanks Nony. I didn’t see that.
Oil is getting close to my target.
Cheers!
Nony on Fri, 7th Aug 2015 7:57 pm
The big thing is how medium to long term oil price has dropped. It’s NOT a glut (temporary imbalance) but a view that supply will be there for a while.
CLZ9 (DEC2019 WTI) is the lowest ever, at just over $60. Note this is a contango, but still…market view has moved DOWN on the long term oil price. Last year, the market view as about $88 for that contract (so expected price has dropped almost $30). We are even lower than it was in JAN, when it was about $66.
So, this is mostly NOT a temporary glut, but a long term changed view of supply.
In Same with 2020 oil.
Nony on Fri, 7th Aug 2015 8:00 pm
sorry, hit reply before done editing. Disregard the last sentence. Also here is a link:
http://www.marketwatch.com/investing/future/CLZ9/charts?symb=CLZ9&countrycode=US&time=8&startdate=1%2F4%2F1999&enddate=8%2F7%2F2015&freq=1&compidx=none&compind=none&comptemptext=Enter+Symbol%28s%29&comp=none&uf=7168&ma=1&maval=50&lf=1&lf2=4&lf3=0&type=2&size=2&style=1013
Nony on Fri, 7th Aug 2015 9:50 pm
I sucked so much cock today I think I’m pregnant
apneaman on Fri, 7th Aug 2015 11:29 pm
Nony, before AGW it use to get so cold in the winter in Calgary that street whores would sometime give free BJ’s just to get something warm in their stomachs. Alas those days are gone.
GregT on Sat, 8th Aug 2015 12:50 am
“I sucked so much cock today I think I’m pregnant”
Not surprising.
Nony on Sat, 8th Aug 2015 2:07 am
didn’t post it
Kenz300 on Sat, 8th Aug 2015 11:19 am
Electric cars, bicycles and mass transit……. A future we can all live with.
No more WARS for OIL…..