The report highlights that the US oil and gas rig count has risen for six consecutive weeks to 431. This trend is driven by higher crude prices and operator expectations for profitable drilling above $65/bl WTI.
Key Takeaways
- 1.US oil and gas rig counts have increased for six consecutive weeks, reaching 431.
- 2.The rise in activity is a response to elevated crude oil prices and increased price expectations.
- 3.The Dallas FED survey indicates that roughly $65/bl WTI is required for profitable new well drilling.
Table of Contents
- Energy
- Chart of the week
- Refining margins and product cracks
- Crude oil, gas and product inventories
- US inventories and production
- Product supply
- Futures and positioning
- Relative price performance
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Authors
Ramachandra KamathThea LacroixNaisheng CuiLydia Rainforth
Securities
WTI Crude OilBrentSHELTTE
Themes
Energy IndependenceGeopolitical risk in Middle EastRefining Margins
Regions
North AmericaEuropeMiddle EastUnited StatesSingapore