Don't drill child: Baker Hughes sees US park 9 rigs

• Oil rigs -9 to 480
• Fuel rigs +1 to 96

With oil falling into the 50s this week, I feel it cements that US oil manufacturing will fall this yr. The US has already drawn down its drilled-but-uncompleted wells and Tier 1 stock is scarce. The economics of latest wells make it very robust to justify capital spending at even $65/barrel, add within the uncertainty and metal tariffs and oil firms are going to drag again on spending.

WTI crude is up $zero.85 cents at present is danger property bounce, buying and selling at $60.90.

This text was written by Adam Button at www.ubaidahsan.com.



Source link