Rig Report

Oil rig count down but gas rig count continues to rise

Baker Hughes: US Oil, Gas Rig Count Down 1 To 1,345. NEW YORK -(Dow Jones)- The number of rigs drilling for oil in the U.S. slipped this week, but the gas rig total rose as producers continued to ramp up output in response to higher prices. The number of oil and gas rigs fell to [...]

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Peak Oil is still out there.

The Oil Drum | WSJ Reports, “The Next Crisis: Prepare for Peak Oil”. According to Britain’s Industry Taskforce on Peak Oil and Energy, the arrival of peak oil has been delayed  by a couple of years by demand destruction due to the global financial crisis. Perhaps. although global oil production seems to have peaked in 2005, maybe we [...]

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DRILLING MARKET FOCUS: Drillers cautiously optimistic about climbing oil prices – Oil & Gas Journal

Drillers cautiously optimistic about climbing oil prices – Oil & Gas Journal. According to the Oil Journal article, RBC forecasts crude oil prices of $80 for 2010 and $90 for 2011. Natural gas prices of $6 in 2010 and $6.50 in 2011.  $80 to $90 oil is good for oil drillers but I think NG [...]

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China Sees Oil at $80 a Barrel

Via Wall Street Journal  - BEIJING—China’s economic planning agency predicted that international oil prices will average $80 a barrel this year—about 25% higher than last year—reinforcing analysts’ expectations that Chinese demand will continue to help push prices up despite concerns that recent credit-tightening moves could crimp its appetite for fuel. Tweet

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