The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday.
Despite the recent bearishness, investors are still betting heavily on one corner of the market: offshore oil and gas.
The Clarksons Offshore Index is projected to reach all-time high in 2024.
Rig, OSV and Subsea markets are particularly robust, with oil and gas vessel rates now higher than 2014 levels in the majority of sectors/regions.
Oil prices rose on Thursday after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the Middle East.
Editor OilPrice.com
Tue, December 19, 2023 at 7:30 PM GMT·2 min read
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NG=F
+1.1637%
The benchmark U.S. natural gas prices fell by 3% early on Tuesday after the latest models overnight showed that most of the U.S. will see warmer than normal temperatures over the next week.
The U.S. is heading into the New Year as the world’s largest oil producer, according to the latest industry research.
U.S. oil production reached a record 13.2 million barrels per day, significantly increasing exports, especially to Europe and Asia.
End-of-year tax considerations are prompting traders to export more oil to reduce taxable inventory, with exports expected to average 5 million barrels per day.
The integration of WTI Midland in the Brent basket and the European embargo on Russian oil have contributed to the growing popularity of U.S. crude in global markets.
Increased distillate production and slowing economic activities have led to rising diesel stocks and falling prices.
Weak manufacturing activity in the U.S. and Europe contributes to reduced diesel demand, easing the market.
Geopolitical tensions near the Red Sea present potential disruptions, threatening to impact diesel supply chains and market stability.
Record temperatures in Europe and North America extended the gas storage refill season, leading to high inventories.
Natural gas demand decreased due to warmer weather, an industrial slowdown in Europe, and record U.S. production and LNG exports.
Futures and options market winter premiums have diminished, contributing to a drop in Europe’s natural gas prices and bearish trends in the U.S. and Asian markets.
China’s stellar economic growth for many years pushed the prices of the major commodities it needed ever higher, almost single-handedly creating and sustaining the commodities supercycle over those years.
China’s economic growth target for 2023 was officially “around 5%”, which meant that it was almost certainly going to be attained on paper, regardless of the reality behind the figures.
One obvious sector of concern – among many others that are less so – is the property sector, which accounts for around a third of China’s entire GDP and about 65 percent of total household assets.
The total number of active drilling rigs in the United States fell by 2 this week after climbing by 10 over the course of the last four weeks, according to new data that Baker Hughes published Friday.