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A quiet day, all things considered, hopefully a bigger bounce...

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JCoure

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27/04/15

23:37

Post #: 15167049
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Originally posted by TheFatz ↑

Oil explorers idled rigs in US fields for the 20th straight week, extending a record retreat in drilling that has brought the country's shale boom to a halt.

Rigs targeting US oil slid by 31 to 703, the lowest level since October 2010, Baker Hughes said. The Permian Basin of Texas and New Mexico lost the most, dropping 13 to 242, the Houston-based field services company said. Texas's Eagle Ford shale declined by nine and the Williston Basin, home North Dakota's Bakken formation, fell by five.

Drillers have idled more than half of the country's oil rigs, eliminated tens of thousands of jobs and cut billions of dollars in spending since the price collapse that began last year. The retrenchment from shale formations has suspended an unprecedented era of output growth, with crude production falling three out of the past four weeks.

"We're not rolling downhill at a 70-rig drop a week, but 31 is still substantial, so we're not at the bottom yet," James Williams, president of energy consultancy WTRG Economics, said by phone from London, Arkansas, on Friday. "I think we'll hit bottom next month or mid-June."

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A quiet day, all things considered, hopefully a bigger bounce 2morrow, time STO cracked $9, SXY 50c & ORG $14-15.

BPT Price at posting: $1.19 Sentiment: None Disclosure: Not Held

DLS Price at posting: $1.28 Sentiment: None Disclosure: Not Held

ORG Price at posting: $13.06 Sentiment: Buy Disclosure: Held

STO Price at posting: $8.35 Sentiment: Buy Disclosure: Held

SXY Price at posting: 46.5¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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Last $1.23		Change -0.005(0.40%)		Mkt cap ! $2.623B

Open	High	Low	Value	Volume
$1.23	$1.25	$1.22	$4.348M	3.529M

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No.	Vol.	Price($)
3	124006	$1.23

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Price($)	Vol.	No.
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No.	Vol.	Price($)
11	363326	2.050
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8	184046	2.030
7	106358	2.020
7	54005	2.010

Price($)	Vol.	No.
2.060	301575	13
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2.090	114096	7
2.100	127416	7

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A quiet day, all things considered, hopefully a bigger bounce...

Top Stories

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Pro Medicus signs landmark $330M deal to roll out imaging platform in US hospitals

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Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

Southern Cross Gold zooms in on 9 new high-grade zones above 20g/t at Golden Dyke

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

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