Via S&P Global Platts Insight blog,
A look at crude oil quality across countries that have committed to cutting production, tumbling global gas prices, and trends in steelmaking raw materials all feature in this week’s pick of visuals.
Great news for the consumer. Gas prices will be coming down faster starting on Monday. Russia and Saudi Arabia are having a little fight after Russia left the OPEC+ meeting not agreeing to cuts. Saudi's reaction, flood the market and under cut everyone, hopefully putting them out of business and wanting to talk again.
Haynes and Boone released their oil bankruptcy report. Texas lead the way with bankruptcy last year with 42. Louisiana and Colorado were tied for second with 11. When the economy collapsed in 2008 WTI peeked at @ $165/brl. With the support of high oil prices, Texas was able to weather the economic collapse well.
Took a quick look at US Oil Rig Counts published by Baker Hughes. As of November 22, 2019 there are 671 rigs operating in the United States. Not sure how to view this. In December of 2015 there were over 1500 rigs operating. The low point was May of 2016 when the rig count was around 320. In a span of 5 months, 80% of rigs came off line.
In perspective of 2016-2019 the industry has doubled. However the YTD trend is not looking good. Starting with 877 rigs in January, with rigs reducing every week of 2019. The rigs are down nearly 25% for the year.
