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U.S. Oil Rig Count Jumps as Gas Rig Count Slides

Oil & Gas‚ Oil and Gas Industry | intent | April 7, 2025 | Comment off

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, following a 1 rig dip in the prior week.

The total rig count in the US fell by 2 to 590 rigs, according to Baker Hughes, down 30 from this same time last year.

The number of oil rigs rose by 5 to 489—down by 19 compared to this time last year. The number of gas rigs fell by 7 this week to 96 for a loss of 14 active gas rigs from this time last year. Miscellaneous rigs were unchanged at 5.

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Oil Price Rout Extends on Recession Fears

Oil & Gas‚ Oil and Gas Industry‚ Uncategorized | intent | April 7, 2025 | Comment off

The price slump in crude oil that began last week has extended into this one as market players’ fears about a global recession deepen.

At the time of writing, Brent crude was trading at just below $64 per barrel, while West Texas Intermediate was changing hands for $60.54 per barrel, both down by over 2% from Friday’s close.

Last week, crude oil prices took a 7% dive after China announced retaliatory tariffs for U.S. imports, matching the U.S. rate of 34% on top of existing levies. The move was universally seen as bearish for crude oil, hence the effect on prices.

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U.S. Natural Gas Prices Drop 6% as WTI Oil Craters by Nearly 9%

Oil & Gas‚ Oil and Gas Industry | intent | April 7, 2025 | Comment off

U.S. natural gas prices fell by 6% on Friday morning amid the overall panic market selling, but the benchmark Henry Hub price was declining less than the WTI Crude prices, which sank by more than 8% to hit a low of $61 per barrel.

The benchmark price for U.S. natural gas delivered at Henry Hub was plunging by 6.26% to $3.877 per million British thermal units (MMBtu) as of 10:35 a.m. EDT. At the same time, the WTI Crude futures were tumbling by as much as 8.59% to $61.14.

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Kenya Extends Oil Import Deal with Gulf Oil Giants through 2027

Oil & Gas‚ Oil and Gas Industry | intent | April 7, 2025 | Comment off

Kenya has renewed a contract to purchase fuel on credit from three state-owned Gulf firms by 24 months and renegotiated lower margins.

Saudi Aramco, Emirates National Oil Co. and Abu Dhabi National Oil Co. will continue to supply gasoline, diesel, kerosene and jet fuel under a 180-day credit plan, Energy and Petroleum Regulatory Authority Director-General Daniel Kiptoo said in an interview in the capital, Nairobi.

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Trump’s Tariffs: Trade War Goes Global

Oil & Gas‚ Oil and Gas Industry | intent | April 4, 2025 | Comment off

It’s official: President Donald Trump has announced sweeping tariffs on friends and foes alike, with the minimum rate at 10% and higher versions of between 20% and as much as 49%. Oil prices took a dive after the announcement, predictions of a grim economic future multiplied, and countries around the world vowed to retaliate. It’s a game of tariffs with a twist: energy imports were exempted from the tariffs.

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Schlumberger AI Drilling Deal Could Change Deepwater Extraction Forever

Oil & Gas‚ Oil and Gas Industry | intent | April 4, 2025 | Comment off

These are big days for oilfield services (OFS) providers, and the awarding of a major drilling contract to U.S.-based giant SLB (NYSE:SLB) for an ultra-deepwater Trion project offshore Mexico is more than just another deal. It’s where the deepest offshore drilling becomes the purview of artificial intelligence.

The contract, awarded by Australia-based Woodside Energy Group (NYSE:WDE), Trion’s operator, will see SLB employ its artificial intelligence-enabled drilling capabilities to drill 18 ultra-deepwater wells with improved operational efficiency and well quality.

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