Energy-Brief

With markets trading near one-month highs, Friday’s Baker Hughes Rig Count gave us all a surprise. The BHRC showed a huge drop of 21 total rigs bringing that total to 830 with Crude Oil rigs dropping 17 to 696 and Nat Gas dropped 4 to 133. Misc. rigs were unchanged at 1 and offshore dropped 1 to just 21. The E & P’s are pulling back cap-x dollars, even at a time when we are producing record output in crude oil (12.6 mmbls per day)

Market Drivers for Today:

Friday’s Baker Hughes Rig Count

US/China Trade talks

How long till cap-x comes back into the oil patch

Hurricane Season: The Tropics are winding down…

Timbo’s Macro’s: Today we get “Advance trade in goods” numbers and don’t forget, this Wednesday we get the GDP. At 07:45 CDT WTI was trading down 13 with ULSD was down 58 and RBOB was down 52. Gold was down $1.10 and the US $$ Index was down at 97.767. Bitcoin was back around $9295, but off $324.

Commodity Summary: Market Close for 10-25-2019

Month	Product	Closing Price	Change
Dec	WTI	$56.66	$0.45
Dec	Brent	$62.02	$0.35
Nov	Nat Gas	$2.300	($0.016)
Nov	ULSD	$1.9796	($0.0067)
Nov	RBOB	$1.6730	$0.0098