Skip to content
800-884-8290

|

Client Login

|

Open an Account
  • About Us
  • Services
    • Futures & Options Brokerage
    • Organic Grain Swaps
    • Margin Management
    • Commodity Marketing Education
    • Consulting & Insurance
  • Research
    • Dairy
    • Livestock
    • Grain & Oilseeds
    • Ethanol & Biodiesel
  • Account
  • Quotes
  • Contact Us

U.S. Oil Rig Count Update – 8/5/20

  • August 11, 2020
  • by Belinda Przybylski
According to Baker Hughes, U.S. oil rig counts declined to an 11 year low level during the week ending Jul 31st. Jul 31st week ending oil rig counts declined 0.6% from the previous week while finishing 76.6% lower on a YOY basis and 79.7% below the three and a half year high levels experienced during November of 2018. Oil rig counts have declined over 19 of the past 20 weeks through the week ending Jul 31st however declines have decelerated over recent weeks. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 46% below the Oct ’18 highs during the week ending Jul 31st. Crude oil production volumes have rebounded off of the 26 month low level experienced during mid-June but remain 16.0% below the record high level experienced during Mar ’20. Jul 31st week ending oil production per rig remained near the record high level experienced during mid-July. Crude oil production is expected to continue to slow throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower Prior to Rebounding Throughout 2017-2018 Jul 31st Oil Rig Counts Declined 0.6% Week-Over-Week, Finishing 76.6% Lower YOY Declines in Oil Rig Counts Have Decelerated Over Recent Weeks Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Crude Oil Production Volumes Have Rebounded off of Recent 26 Month Low Levels Jul 31st Crude Oil Production per Rig Remained Near Recent Record High Levels  
Atten Babler Ethanol FX Indices – Aug ’20
U.S. Ethanol Exports Update – Aug ’20
Dairy
Ethanol
Livestock
Grain

Recent Ethanol & Biodiesel Research

  • Ethanol Exports – Oct’22
  • Weekly Petroleum Stocks Update – 10/14/22
  • Weekly Ethanol Update – 08/05/22
  • Weekly Ethanol Update – 5/25/22
  • EIA Drilling Productivity Report Update – May ’22
Atten Babler Commodities LLC
11406 US Route 20 W
Galena, IL 61036
800-884-8290
Privacy Policy
Futures, options and swaps brokerage is provided through Atten Babler Commodities LLC. The risk of loss in trading commodity futures and options and swaps is substantial. Swaps trading should only be undertaken by investors who are Eligible Contract Participants (ECPs) within the meaning of Section 1a(18) of the Commodity Exchange Act. Before trading, you should carefully consider your financial position to determine if futures, options or swaps trading is appropriate. When trading futures, options or swaps, it is possible to lose more than the full value of your account. All funds committed should be risk capital. Past performance is not necessarily indicative of future results. Atten Babler Commodities LLC use sources that they believe to be reliable, but they cannot warrant the accuracy of any of the data included in this site. Opinions and market data are subject to change at any time. Unless otherwise stated the information contained herein is meant for informational purposes only and is not a solicitation to buy futures or options or swaps.
© Copyright 2023 Atten Babler Commodities LLC