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Rig Count


Retracement?

By: Greg Gill / Posted on: May 29, 2018

On May 22nd WTI Crude nearly reached $73 / barrel and since then prices have dipped almost 10%. 

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Where are US Crude Exports Going?     

By: Greg Gill / Posted on: April 2, 2018

China has responded to the Trump administration’s recently implemented tariffs on steel and aluminum with tariffs on imports of 128 American made products that range from 15% to 25%. The list of products are wine, frozen pork, nuts, fruits and aluminum scrap.   Not on the list, U.S. crude.  

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Raising Rig Count Slices Prices

By: Daryl Milliner / Posted on: December 4, 2017

This morning oil prices pulled back across the board with January WTI down -1.05% to $57.70 a barrel, January RBOB fell -2.00% to $1.71 per gallon and HO lost -1.81% to a $1.91 per gallon. These losses are attributed to data released by Baker Hughes late last week that US drilling and oil rig count had again risen by 6 to 929 since November 22nd 2017. The rig count has risen +332 since last year’s count on December 2nd 2016. This news is an indication of continued rising U.S. oil production, and amid news of OPECs intensions to remain sternly compliant with the 1.8 million bpd production-cut agreement, the market carries apprehension that this growing U.S. production could pose a solid opposition to OPECs goals.

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OPECs goal here is to extend production cuts past its initial end date in March to the end of 2018 and executing this goal would then, in their eyes curb the global supply glut drooping over the market.  As U.S. oil producers are not a part of the OPEC production cut deal, this rise in rig counts is a sign of increased production and may hamper OPECs goals in the short term. The Organization of the Petroleum Exporting Countries plans to revisit the cut-policy in June, but we’ll have to wait and see how this steady U.S. production will impact their decision making going forward.

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Guttman Energy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED "AS IS," WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.

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