West Texas: Data and Markets Share

west texas: For the record, this week's count of U.S oil rigs in operation the most widely-quoted data point fell by 4 to 954, according to The Independent. That's down 79 rigs from the year-ago figure and it is clear that the sweet spot that West Texas Intermediate crude oil futures seem to have found between 50 and 60 per barrel is tamping down demand for drilling equipment. Markets Share to facebook Share to twitter Share to linkedin The announcement of the Baker Hughes rig count used to be a must-watch data point every Friday at 1 PM. Technically that data is now supplied by the entity known as Baker Hughes a GE Company and today it seems that data has lost as much relevance as GE has in the S&P 500. Yet, a look at the EIA's data shows that U.S oil production ran at a 12 million barrels per day mmbpd pace last week, up a full 1 million barrels per day over the corresponding week in 2018. Lev Fedoseyev/TASS Photo by Lev Fedoseyev TASS via Getty Images Lev Fedoseyev/TASSIt is much, much easier to produce oil than it used to be. Production has fallen a smidgen lately the EIA figure was 12.3 mmbpd two weeks ago but the fact that the U.S. continues to produce at near-record levels on fewer rigs shows a basic truth in the oil game.MURMANSK REGION, RUSSIA - JULY 5, 2019 Acting Murmansk Region Governor Andrei Chibis rides a bicycle on his visit to the Nanhai VIII semi-submersible drilling rig in the Kola Bay. (news.financializer.com). As reported in the news.