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U.S. Rig Count is up 3 rigs from last week to 943, with oil rigs unchanged at 759, gas rigs up 3 to 183, and miscellaneous rigs unchanged at 1.

U.S. Rig Count is up 446 rigs from last year’s count of 497, with oil rigs up 352, gas rigs up 95, and miscellaneous rigs down 1 to 2.

The U.S. Offshore Rig Count is down 1 rig from last week to 16 and up 6 rigs year-over-year.

Baker Hughes Rig Count: Canada -16 to 201 rigs

Canada Rig Count is down 16 rigs from last week to 201, with oil rigs down 13 to 102 and gas rigs down 3 to 99.

Canada Rig Count is up 64 rigs from last year’s count of 137, with oil rigs up 25 and gas rigs up 39.

Due to the impact of Hurricane Harvey on South Texas this week, we could not verify the change in rig counts across 47 counties in South Texas, with the exception of one rig moving out of Dimmit County. Therefore, we’re reporting the same counts as last week, minus the one rig that has been accounted for, totaling 87 rigs across the 47 counties.

For a list of the impacted counties and the number of rigs in each, please view the excel chart here.

Additional information on the Baker Hughes Rig Count is available on our rig count website at http://bhge.com/rig-count.

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Baker Hughes Rig Count: U.S. -6 to 940 rigs

U.S. Rig Count is down 6 rigs from last week to 940, with oil rigs down 4 to 759, gas rigs down 2 to 180, and miscellaneous rigs unchanged at 1.

U.S. Rig Count is up 451 rigs from last year’s count of 489, with oil rigs up 353, gas rigs up 99, and miscellaneous rigs down 1 to 1.

The U.S. Offshore Rig Count is up 1 rig from last week to 17 and unchanged year-over-year.

Baker Hughes Rig Count: Canada +3 to 217 rigs

Canada Rig Count is up 3 rigs from last week to 217, with oil rigs down 6 to 115 and gas rigs up 9 to 102.

Canada Rig Count is up 71 rigs from last year’s count of 146, with oil rigs up 31 and gas rigs up 40.

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By Riva Gold — Dow edges lower after best day since April — Mexican peso under pressure after President Trump’s comments — Lowe’s drops after earnings A rally in global stocks stalled Wednesday after the Dow Jones Industrial Average’s biggest daily advance since April. The Dow Jones Industrial Average fell 82 points, or 0.4%, to 21818 shortly after the opening bell. The S&P 500 dropped 0.4%, and the Nasdaq Composite declined 0.5%. Shares of Lowe’s declined 4.5% after it lowered its outlook for the year. The Stoxx Europe 600 edged down 0.4% following its best session in over a week, while Asian shares erased early gains to close little changed. Some analysts attributed the caution in markets to comments from U.S. President Donald Trump on Tuesday threatening to shut down the government to secure funding for a wall on the southwest border as well as warnings on trade policy. “It seems inconceivable that the debt ceiling won’t be moved as it has been umpteen times, but the nearer the deadline comes, it will make people nervous,” said Russ Mould, investment director at AJ Bell. The Mexican peso, among the year’s best-performing currencies, dropped 0.9% against the dollar after the comments on trade and a border wall, while gold climbed 0.4% and the yen rose 0.4% against the dollar as market havens found favor. Yields on 10-year Treasurys fell to 2.191% from 2.215% Tuesday. Yields move inversely to prices. Still, many investors noted that recent jitters have come in thin summer trading and U.S. stocks remain close to record highs. The Dow added nearly 200 points on Tuesday as shares rebounded from a recent bout of risk aversion. “With valuations elevated here, the market is going to be more vulnerable to short-term negative news and negative shocks,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management. “But unless something really impacts the economy, it’s unlikely that the market impact will be long-lasting,” she said, given the current state of growth and corporate earnings. In Europe, the media sector led declines as shares of WPP, the world’s largest advertising company, fell 10% after it lowered its forecast for the full year, reflecting a wider slowdown in industries such as consumer goods and retail. Analysts also pointed to nervousness ahead of a central banking symposium in Jackson Hole, Wyo., beginning Thursday, where investors are eyeing any clues about monetary policy in the U.S. and eurozone. Purchasing managers’ surveys released Wednesday showed the eurozone economy maintained its solid growth momentum in August. The euro was last up 0.5% against the British pound, around its highest since 2009. “The most interesting questions come from the ECB right now given the economies there have generally done better than expected,” said Mr. Mould. Earlier, Japan’s Nikkei Stock Average rose as much as 0.9% from a four-month closing low but pared gains to 0.3% as the yen strengthened against the dollar. The WSJ Dollar Index, which tracks the dollar against a basket of 16 currencies, was last down 0.1%. Australia’s stock benchmark shed early gains as losses deepened among shares of utilities companies, sending the S&P/ASX 200 down 0.2%. The Shanghai Composite Index was down 0.1%, ending a four-day rally, with steel and precious-metals stocks the biggest decliners amid a 5% pullback in iron-ore and steel-rebar futures. The country’s steel association late Tuesday said it saw limited room for further price gains after a recent rally. Trading in Hong Kong was halted as Typhoon Hato passed by the city. –Ese Erheriene, Nick Kostov and Yifan Xie contributed to this article. Write to Riva Gold at riva.gold@wsj.com

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1332 GMT – Fresh Indian data underscores the global refining market is tightening, according to analysts at consultancy JBC Energy. Indian crude intake fell year-on-year for a second consecutive month in July, by 165,000 barrels a day, according to government data. “Combined with weak readings for Chinese intake for the same month and outages in the Atlantic Basin, the picture of a tight refining market is getting ever clearer,” the analysts wrote in a note Tuesday. (christopher.alessi@wsj.com)

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16:58 ET – American Petroleum Institute reports inventories of crude oil in the US dropped by 9.2M bbls in the latest week, a source citing the report says, while gasoline supplies rose by 301k bbls. The report, bullish for crude oil, is released ahead of official inventories data from the Department of Energy scheduled to be published Wednesday morning. Average forecasts in a WSJ survey indicate the DOE report will show crude supplies fell by 3M bbls and that gasoline supplies decreased by 1M bbls from the previous week. The Nymex September oil contract jumps 0.4% in late-session trading, to $47.90/bbl. (dan.molinski@wsj.com) (END) Dow Jones Newswires August 15, 2017 16:58 ET (20:58 GMT) Copyright (c) 2017 Dow Jones & Company, Inc. 20170815_DN_10591

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16:52 ET – American Petroleum Institute reports inventories of crude oil in the US fell by 7.8M barrels in the latest week, a source citing the report says, while gasoline supplies rose by 1.5M barrels. The report, bullish for crude oil, is released ahead of official inventories data from the Department of Energy scheduled to be published Wednesday morning. Average forecasts in a WSJ survey show the DOE report will show crude supplies fell by 2.7M barrels and that gasoline supplies decreased by 1.6M barrels from the previous week. (dan.molinski@wsj.com)

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By Crystal Kim

Crude oil prices are tumbling, but natural gas prices are on the rise. Spot futures gained 0.89% to $2.82 per million British thermal units, according to FactSet. Meanwhile, United States Natural Gas ( UNG) rose 0.16%. Given the recent natural gas sell-off, the risk/reward profile of the commodity looks much more reasonable. Morgan Stanley stock analyst Devin McDermott isn’t changing his price forecast, but he sees upside heading into winter 2018. In a note published Tuesday morning, he wrote: …The persistent weakness in natural gas over the past several months has put 2H17 and winter 2018 forwards modestly below our unchanged price forecast. As a result, we now see a more attractive setup with upside to prices into winter 2018 (assuming normal weather), and expect recent weakness to support stronger near-term gas demand from the power sector. Front month natural gas prices have declined further in recent weeks, from $3.00 to $2.80/mmBtu. We expect this to drive modest incremental coal-gas switching, supporting 0.5 Bcf/d of stronger power burn Aug-Oct. We are reducing our end-Oct 2017 inventory forecast to 3.80 Tcf from 3.85 Tcf as a result. Assuming normal weather, we now see modest upside to 2H17 and winter 2018 prices. Under normal weather, we forecast 4Q17 / 1Q18 prices averaging in the $3.25-3.30/mmBtu range, versus the current forward curve at $3.06/mmBtu. MS analyst Drew Venker prefers “gassy” exploration and production companies. He upgraded Cabot Oil & Gas ( COG) to Overweight from Equal-weight on “an improved commodity backdrop.” Shares have risen more than 2% on the news to a recent $25.42.

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By Ali Stratton

The number of rigs drilling for oil in the U.S. rose by two in the past week to 766, according to oil-field services company Baker Hughes, now a unit of General Electric Co. The U.S. oil-rig count is typically viewed as a proxy for activity in the sector. After peaking at 1,609 in October 2014, low oil prices put downward pressure on production and the rig count receded. However, the oil-rig count has generally been rising since the summer of 2016. The nation’s gas-rig count rose by six to 192 in the past week, according to Baker Hughes. The U.S. offshore-rig count rose by one to 24. West Texas Intermediate futures rose 1.2% to $49.63 a barrel in recent trading.

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10:38 ET – Refining has continued to be a silver lining for big oil companies as crude prices remain stuck at about $50 a barrel. Exxon Mobil (XOM) reported 2Q refining profits of $1.4B, an increase of about a third over the April-to-June period last year. Chevron (CVX) saw slightly lower refining profits compared to last year, with about $1.2B, with the biggest decrease coming in international operations (bradley.olson@wsj.com; @bradnews).

 

(END) Dow Jones Newswires

 

July 28, 2017 10:38 ET (14:38 GMT)

 

Copyright (c) 2017 Dow Jones & Company, Inc.

 

20170728_DN_9136

 

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