Oil Rig Count Rises After OPEC Deal Extension

A day after OPEC extended the already-extended production cut deal to end-2018, oil and gas rigs in the US climbed by 6. The boost to the number of oil and gas rigs in the US is likely just a taste of what’s to come if oil prices continue to climb as a result of OPEC’s prolonging of the deal that is designed to ease the glut. And at current prices of WTI, US drillers are bound to find sufficient funds to add rigs, pressuring the prices that OPEC is attempting to hold fast. This week, the number of active oil rigs increased by 2, with…

API Reports Yet Another Crude Inventory Draw

The American Petroleum Institute (API) reported a draw of 1.562 million barrels in United States crude oil inventories, against an S&P Platts’ survey of analysts that expected inventories would draw down by 2.7 million barrels for the week ending November 3—continuing the drawdown that the market has seen in recent weeks. Gasoline inventories, according to the API, saw a small build of 520,000 barrels for the week ending November 3, against an expectation of a draw of 2.25 million barrels.   Both WTI and Brent benchmarks were…

API Reports Yet Another Crude Inventory Draw

The American Petroleum Institute (API) reported a draw of 1.562 million barrels in United States crude oil inventories, against an S&P Platts’ survey of analysts that expected inventories would draw down by 2.7 million barrels for the week ending November 3—continuing the drawdown that the market has seen in recent weeks. Gasoline inventories, according to the API, saw a small build of 520,000 barrels for the week ending November 3, against an expectation of a draw of 2.25 million barrels.   Both WTI and Brent benchmarks were…

API Reports Yet Another Crude Inventory Draw

The American Petroleum Institute (API) reported a draw of 1.562 million barrels in United States crude oil inventories, against an S&P Platts’ survey of analysts that expected inventories would draw down by 2.7 million barrels for the week ending November 3—continuing the drawdown that the market has seen in recent weeks. Gasoline inventories, according to the API, saw a small build of 520,000 barrels for the week ending November 3, against an expectation of a draw of 2.25 million barrels.   Both WTI and Brent benchmarks were…

API Reports Yet Another Crude Inventory Draw

The American Petroleum Institute (API) reported a draw of 1.562 million barrels in United States crude oil inventories, against an S&P Platts’ survey of analysts that expected inventories would draw down by 2.7 million barrels for the week ending November 3—continuing the drawdown that the market has seen in recent weeks. Gasoline inventories, according to the API, saw a small build of 520,000 barrels for the week ending November 3, against an expectation of a draw of 2.25 million barrels.   Both WTI and Brent benchmarks were…

API Reports Yet Another Crude Inventory Draw

The American Petroleum Institute (API) reported a draw of 1.562 million barrels in United States crude oil inventories, against an S&P Platts’ survey of analysts that expected inventories would draw down by 2.7 million barrels for the week ending November 3—continuing the drawdown that the market has seen in recent weeks. Gasoline inventories, according to the API, saw a small build of 520,000 barrels for the week ending November 3, against an expectation of a draw of 2.25 million barrels.   Both WTI and Brent benchmarks were…

API Reports Yet Another Crude Inventory Draw

The American Petroleum Institute (API) reported a draw of 1.562 million barrels in United States crude oil inventories, against an S&P Platts’ survey of analysts that expected inventories would draw down by 2.7 million barrels for the week ending November 3—continuing the drawdown that the market has seen in recent weeks. Gasoline inventories, according to the API, saw a small build of 520,000 barrels for the week ending November 3, against an expectation of a draw of 2.25 million barrels.   Both WTI and Brent benchmarks were…

WTI Soars As U.S. Oil Rigs See Biggest Decline Of The Year

Baker Hughes has reported that the number of oil and gas rigs in the United States fell for yet another week, this time dipping 11 rigs—most of which was a loss to the number of oil rigs—the largest decline in the number of oil rigs this year. WTI and Brent continue on their upward trend as even more analysts agree on the increased likelihood that OPEC will extend their production cut agreement throughout all of 2018, and as EIA reports a continued drawdown of crude oil inventories in the US. Prices will likely increase even more as…

PDVSA Not Out Of The Woods Just Yet

Yet another of PDVSA’s bond is due on Thursday—this time in the amount of $1.169 billion. The bond is coming due just after another critical bond payment was received in the nick of time on Wednesday which was due last Friday—a bond that had no grace period—but other bondholders shouldn’t exhale just yet. Last Friday’s critical bond payment may have been received, but where PDVSA found the cash to make the payment is yet unclear, and where they will find the cash to make today’s bond payment—if they…

PDVSA Not Out Of The Woods Just Yet

Yet another of PDVSA’s bond is due on Thursday—this time in the amount of $1.169 billion. The bond is coming due just after another critical bond payment was received in the nick of time on Wednesday which was due last Friday—a bond that had no grace period—but other bondholders shouldn’t exhale just yet. Last Friday’s critical bond payment may have been received, but where PDVSA found the cash to make the payment is yet unclear, and where they will find the cash to make today’s bond payment—if they…