Baker Hughes Company Announces Second Quarter 2020 Results

U.S. Rig Count is down 2 rigs from last week to 251, Canada Rig Count is up 10 rigs from last week to 42

U.S. Rig Count is down 5 rigs from last week to 253, Canada Rig Count is up 6 rigs from last week to 32

Brent fell 26 cents to $43.11 a barrel, WTI dropped 23 cents to $40.52.

In the first half of 2020, Canada’s oil production declined 20% from its 2019 average of 5.5 million barrels per day (b/d)

Brent fell 29 cents, or 0.66%, to $43.50 a barrel, WTI was down 43 cents, or 1%, to $40.77 per barrel.

U.S. commercial crude oildecreased by 7.5 million barrels from the previous week to 531.7 million barrels

40 U.S. oil producers collectively wrote down $48 billion worth of assets in the first quarter of 2020.

Brent up 35 cents, or 0.8%, at $43.25 a barrel, WTI rose 38 cents, or 0.1%, to $40.67 a barrel.

In 2021, oil demand is forecast to partially recover from the current year to show historic high growth of 7.0 mb/d.

OPEC+ sources have said no recommendations have been made to prolong record cuts into August

Since the Arctic oil exports began, Gazprom Neft has delivered over 40 million tons of ARCO (Prirazlomnoye field) and Novy Port (Novoportovskoye field) to European countries.

Frederico Justus, President, International Operations, Weatherford, noted, “This joint operation with IDC is an honor for Weatherford. Together, IDC and Weatherford will work as one team, providing project management solutions that deliver efficient and effective execution of the contract.”

Brent fell 44 cents to $42.28, WTI fell 44 cents to $42.28

Crude oil production from the major US onshore regions is forecast to decrease 56,000 b/d month-over-month in July from 7,546 to 7,490 thousand barrels/day, gas production to decrease 712 million cubic feet/day from 80,266 to 79,554 million cubic feet/day .