Rig count down 8 this week

By Holly Graham Ponderosa Energy Baker Hughes reports eight rigs have been dropped this week, bringing the active US rig count to 877. The rig count is 55% lower than its 2014 peak. The only increases in rigs has been in Texas, in the Permian and Fort Worth areas. Rigs are laying down in Louisiana […]

Crude prices higher, but rally not likely to last

Crude oil prices have jumped today, with the WTI October contract moving back above $44/bbl. Prices did not stay below $40/bbl long enough to discourage US production. Higher prices are not likely to last, however, as refinery maintenance season looms. Ponderosa expects pressure on prices in the September-October time frame as refining capacity goes offline. […]

Natural gas storage build higher than expected

By Maria Sanchez Ponderosa Energy Working gas in storage increased by 69 Bcf for the week ending Aug. 21, according to EIA estimates released today. The 69-Bcf injection came in above market expectations and prompt prices dropped 5 cents after the release. US storage inventories stand at 3,099 Bcf as we near the final weeks […]

Crude oil prices head toward another weekly decline

Crude oil is in the midst of its longest run of weekly declines in nearly 30 years as the supply glut continues to drive prices lower. WTI prices this week have been at six-year lows, dropping to nearly $40/bbl. Ponderosa Energy earlier this year forecast another price drop as the summer driving season comes to […]

Gas in storage up 53 Bcf from last week

The EIA on Thursday said US natural gas in storage was 3,030 Bcf for the week ending Aug. 14. This was a net increase of 53 Bcf week-over-week (50 in the East, 4 in the West, and -1 in the Producing region) and is 488 Bcf or 19% above last year’s level, and 80 Bcf […]

Crude stocks higher; build is bearish for prices

By Bernadette Johnson Crude stocks are up significantly (2.6 MMb/d) this week, while refined product stocks are down (-1.8 MMb/d). The net build is bearish for prices (WTI is at $40.64, off $1.98 from Tuesday’s close) as of this writing). Ponderosa expected a smaller build based on the unexpected shutdown of BP’s Whiting, IN, refinery. […]