Commodity Trade Mantra

Posts Tagged ‘Shale Drilling’

With A Rebound In Oil Prices, Will Drilling Activity Return?

On June 6, Morgan Stanley released a report saying that “all eyes” are on the U.S. to see if drilling will return now that oil prices are back above $50, after having rallied roughly 85% since February. There are a few early signs that drilling is starting to begin again. The oil rig count jumped by nine last week to 325 active oil rigs, the sharpest increase since December 2015.

The Current Rally In Oil Prices Is Reaching Its Limits

Oil prices have climbed by about 50% from their February lows, topping $40 per barrel. But now, with oil traders taking the most bullish positions in months while the fundamentals still have not shifted in a correspondingly significant fashion, traders have set up the conditions where oil prices could snap back to the downside.

Job Cuts Surge As Outlook On Oil Prices Remains Sober

It may be too early to determine whether oil prices, which began falling a year ago, were now forcing the energy industry to go beyond cutting fat & is now gouging into the very sinew of its operations, but it’s clear that they’re convinced that other economies simply weren’t enough to keep themselves afloat. The job losses probably should come as no surprise.

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