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Home> Industry Information> US oil drilling has increased by 11 oil companies to accelerate mining

US oil drilling has increased by 11 oil companies to accelerate mining

October 30, 2020

At 1 am Beijing time on Saturday (April 7), US oil service company Baker Hughes released data showing that the total number of oil drilling in the US on April 6 increased by 11 to the third week of the four weeks. increase. The market expects international oil prices to exceed the highest level in 2017 in 2018, triggering more oil companies to increase spending plans this year. In addition, the market is also worried about the trade war between the United States and China. After the data was released, the global oil price response was dull. According to specific data, the total number of oil drillings in the US on April 6 increased by 11 to 808, which is the largest single-week increase in about two weeks. It is expected to be 797, with a previous value of 797. The same period last year was 672. In the US, the total number of natural gas drilling in the week of April 6 was 194, which was expected to be 194, with a previous value of 194. In the United States on April 6, the total number of total drilling increased by 10 to 1003, which is expected to be 993, with a previous value of 993. The average number of active drilling rigs in 2017 was 876, with an average of 509 in 2016 and an average of 978 in 2015. After the data was released, the short-term reaction of oil prices was flat. The US WTI crude oil is currently reported at US$62.37. Intraday oil prices once fell to 62.13 US dollars, a decrease of 2.22%. Brent crude oil futures prices are currently reported at $67.38, which fell to $67.16 earlier, a drop of 1.71%. The number of US oil rigs released by Baker Hughes every week is a leading indicator of future US oil production. The number of active oil rigs has climbed since November last year, as the rise in oil prices has increased the incentives for oil companies to produce crude oil. US WTI crude oil prices fluctuated around $62.3 this week, retracing from a three-year high of $66.66 hit in late January. It is much higher than the average price of $50.85 in 2017 and the average price of $43.47 in 2016. US oil companies sharply increased their investment plans in 2017 as oil prices recovered after two consecutive years of decline. Looking ahead, it is expected that the average price of WTI crude oil will remain at around US$61.6 in 2018 and around US$58 in 2019. The market expects WTI crude oil prices to be higher in 2018 than in 2017. US financial services company Cowen & Co said that 58 of the 65 oil companies surveyed and produced provide capital expenditure guidance, indicating that this year's investment plan is 11% higher than 2017. . Cowen said that in the next 48 states, the cost of drilling and completion in 2018 is estimated to be $80.5 billion, up from $72.4 billion in 2017. Piper Jaffray, an energy expert at the US investment bank Simmons & Co, predicted this week that the average oil and gas drilling volume is expected to reach 1,013 in 2018 and 1015 in the previous week. The average in 2019 will reach 1,129, compared with 1,128 last week. The US Energy Information Administration (EIA) this week expects US crude oil production to hit another record high, reaching an average of 10.7 million barrels per day in 2018 and 11.3 million barrels per day in 2019. In 2017, the average was 9.3 million barrels per day, and the current peak was 9.6 million barrels per day at the end of 1970. Earlier EIA data showed that as of March 30, EIA crude oil inventories fell by 4.17 million barrels, expected to increase by 2 million barrels, and the previous value increased by 1.643 million barrels. Gasoline inventories fell by 1.116 million barrels, and it is expected to decrease by 1.5 million barrels. It recorded a decline for five consecutive weeks, with the previous value decreasing by 3.472 million barrels. Refined oil inventories increased by 537,000 barrels, which is expected to decrease by 1.3 million barrels, which was the first week of decline for the seventh consecutive week. The previous value decreased by 2.09 million barrels. The data also showed that as of March 30, EIA Oklahoma's Cushing area crude oil inventories increased by 3.66 million barrels, which recorded growth for four consecutive weeks, and hit a new high since the week of December 9, 2016. An increase of 1.804 million barrels. The US EIA refinery equipment utilization rate last week was 93%, expected to be 92.5%, and the previous value was 92.3%.

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