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North America Goes Back to Adding Rigs

February 26, 2024 0 Comments blog
North America Goes Back to Adding Rigs
North America increased its rig count week on week, according to Baker Hughes’ latest rotary rig count, which was released on February 9. The region added four rigs during the period, taking the total North America rig count up to 855, comprising 623 rigs from the U.S. and 232 from Canada, the count outlined. The U.S. added four rigs week on week, while Canada’s rig count remained unchanged during the period, the count revealed.
Oil Rises as OPEC Forecasts Strong Global Demand
Oil rose after a bullish demand outlook from OPEC helped crude surpass a key technical level that had served as the ceiling of this year’s narrow trading band. West Texas Intermediate rose 1.2% to settle near $78 a barrel, pushing past its 200-day moving average of about $77.40. With bulls also finding support from OPEC’s projections that global oil demand will continue strong growth this year, the breach above the technical threshold raises the possibility of additional upward momentum.

West Texas Charity Cook-Off

Get your cooking team signed up today for Roseland‘s 10th Annual West Texas Oil & Gas Convention & Cook Off benefiting IADC Permian Basin Chapter Scholarships!!

Join in on two days of fun lead-generating and Networking March 27-28th at the Midland County Horseshoe Arena Pavilion Amphitheater!!

Sign up to CookExhibit, and Sponsor!

Cheyenne Gray Cheyenne@Roselandoilandgas.com

Derek Scroggins Derek@Roselandoilandgas.com

Lehi Gage Lehi@Roselandoilandgas.com

OPEC Chief Says Robust Oil Demand Makes Peak Look ‘Far Out’
OPEC’s top official said global oil demand will continue strong growth this year and a peak in consumption doesn’t appear to be on the horizon. “We are seeing positive signs of good revisions to some parts of the global economy, most notably the United States,” OPEC Secretary-General Haitham Al Ghais told a panel at the World Governments Summit in Dubai on Tuesday. “I think talking about peak oil demand is probably something way far out.”
U.S. Oil Inventories Rise, Gasoline and Distillate Stocks See Strong Draws
Crude oil inventories in the United States rose by 8.52 million barrels for the week ending February 9, according to The American Petroleum Institute (API), after analysts predicted a build of 2.6 million barrels. The API reported a 674,000-barrel rise in crude inventories in the week prior. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.8 million barrels as of February 9. Inventories are now at 358.8 million barrels.

10th Annual

West Texas Oil & Gas Convention

Midland County

Horseshoe Pavilion

ADDRESS

2514 Arena Trail

Midland, TX 79701

DATE

Tuesday, March 27 &

Wednesday, March 28

Tuesday Night – Exhibitor Mixer

Indoor & Outdoor Exhibits

Taste of the Oilpatch Cook-Off

The comprehensive Oilfield Calendar is the place to get the scoop on all industry-related social events. Boasting a plethora of golf and fishing tournaments, clay shoots, casino nights, conferences, meetings and just about any other event you might want to experience, the Oilfield Calendar can provide you with all of the pertinent information and in some cases the actual registration form.

Oilfield events can be viewed on a daily, weekly, monthly or annual format and there is a sign up location to get updated news and information. Each event on the calendar is accompanied by an email link for additional contact, an ical button to download the event to your calendar, social media sharing links as well as a map and additional information about the event.

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Baker Garrington Capital is a full-service working capital and trade finance company. We offer clients a customized and flexible approach, because we’re entrepreneurs as well.

We offer a complete range of solutions for all industries and provide immediate financing upon approval with no long-term contracts or hidden fees. At BG Capital, we help you grow your business. You deserve honesty and efficient service. If we can help you, we will let you know how and we will do what we day. Straightforward pricing, no long-term contracts.

If we can’t help you, we will tell you. Your time is valuable and not to be wasted on “maybes”. If we can, we will point you to a trusted business we work with who we think may be able to help you.

We know time is money and you need to know when and how much money you can expect from us. We will be transparent, efficient and we will communicate so that there are no surprises. Sometimes issues or challenges arise. Because we spend the time to get to know you and your business, we are uniquely qualified to jump in and help you. We are your partner while business is booming, meeting your expectations, and helping you grow. In challenging times, we put our knowledge and experience at your disposal, working with you to get back on track.

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Catch Up On Older News Articles
EIA, BMI Reveal Latest Brent Oil Price Forecasts Will USA Oil, Gas Jobs be Affected by a Drop in Shale Growth in 2024? Oil Rallies Amid Cease Fire Uncertainty ConocoPhillips Beats Profit Forecast as Production Hits Record High U.S. Natural Gas Consumption Hits New Record Oil Edges Up From Three Week Low
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