Oil fell a second day after drilling in the U.S. rose to the highest in more than a year, countering OPEC’s efforts to clear a supply glut. Futures decreased 1 percent in New York.
Category: Baker Hughes
Baker Hughes Rises Despite Reporting Fourth-Quarter Loss
The oilfield services giant reports a wider-than-expected loss, but sees North America revenue rising for the first half of 2017. Shares of Baker Hughes were rising by more than 1% in premarket trading Thursday, despite the company reporting a wider-than-expected loss, as the oilfield services giant sees North America revenue rising in 2017.
US rig count down 6 this week to 659
The number of rigs exploring for oil and natural gas in the U.S. declined by six this week to 659. A year ago, 650 rigs were active.
These Three Oil Stocks in Permian Basin Are Likely Undervalued
West Texas’ prolific Permian Basin will be bustling with activity in 2017, but Canaccord Genuity says there is growth potential through 2018, leading the firm to believe the “Permian names are underratedly cheap.” It is clear to see that this is the area to be in for domestic oil and gas companies from the Baker Hughes ‘ weekly rig count report.
Oil Falls as Growth in U.S. Drilling Offsets OPEC Output Cuts
Oil fell for the first time in four days as rising U.S. drilling activity fanned speculation that OPEC production cuts could boost North American output. Futures dropped as much as 3.2 percent in New York.
Oil Halts Gain Near $54 as Rising U.S. Drilling Damps Saudi Cuts
Oil halted its advance below $54 a barrel as an increase in U.S. drilling countered signs OPEC members including Saudi Arabia are sticking to planned output cuts to stabilize the market. Futures slid as much as 0.6 percent in New York after rising 3.2 percent the previous three sessions.
Oil Starts New Year Higher as Kuwait Delivers on OPEC Output Cut
Oil advanced after the biggest annual gain since 2009 as output cuts by Kuwait signaled OPEC and other producing nations started trimming production to stabilize the market. Futures rose as much as 0.9 percent in New York after increasing 45 percent last year.
Oil Makes Biggest Annual Gain Since 2009 Before OPEC Supply Cuts
Oil made the biggest annual gain since 2009 as OPEC and other producing nations plan to start supply cuts next month to reduce swelling global inventories. Futures rose 52 percent in London this year after closing little changed on Friday.
US rig count up 5 this week to 658; Texas adds 3
The number of rigs exploring for oil and natural gas in the U.S. increased by five this week to 658. A year ago, 698 rigs were active.