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(+) US Oil Weekly Update: Seven Additional Active Rigs Added in The US
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Most OPEC+ delegates agreed on delaying outputs in their December meeting. OPEC-Eights 2.2 million bpd of production cut release is scheduled to start April of 2025, depending on market outlook. The new strategy with the monthly release now 138 000 bpd over an 18-month period, instead of the 180 000 bpd over a twelve-month period.
OPEC revised down its global demand growth forecasts for 2024 and 2025 for the fifth consecutive month in a row in their last MOMR of the year.
The fall of Bashar al- Assad in Syria has the market focusing on the Middle East again. Russia, Iran and Hezbollah have been key backers of the Assad regime and the fall of Damascus has complicated the Axis of Resistances strategy in the region.
Figure 1: WTI Gaining Weight This Week
US Crude inventories and production
US commercial crude oil inventories decreased by 1.425 million barrels in the week ending December 6, with market forecasters predictions at 1.1 million barrels decrease in crude stocks. U.S. commercial crude oil inventories are about 6 percent below the five-year average for this time of year and 18.8 million barrels lower than a year ago. U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending November 29, 2024, which was 251 Kbpd less than the previous week`s average. Refineries operated at 92.4 percent of their operable capacity last week.
Figure 2: US Crude Stocks including SPR at 814.5 million Barrels
Figure 3: US Crude Stocks Excluding SPR at 422 million Barrels
US Rig Activity
The total number of active rigs operating in the US according to Baker Hughes rig count Increased by seven last week, now at 589. Oil focused rigs increased by five last week, now at 482 active rigs. Gas focused rigs increased by two, now at 102 active rigs. Miscellaneous rigs remained flat at five active rigs.
Figure 4: Active Oil Focused Rigs Increased From 477 to 482
Figure 5: Gas Focused Rigs Increased from 100 to 102 Active Rigs
Figure 6: Total Active Rigs in the U.S. Decreased by Seven now at 589
Figure 7: Rig Count in Major Basins
Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Baker Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975. The North American rig count is released weekly at noon Central Time on the last day of the work week.
By the Numbers December 11, 2024
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