Russia/EU clash over routine gas pipeline maintenance
EdF/Engie/Total call for immediate energy conservation
U.S. shale producers turn to refracturing existing oil wells
Germany’s chemicals firms contemplate shutdown ($WSJ)
Bank for International Settlements annual economy review
Southwest Airlines’ fuel hedging ($FT)
U.S. OIL AND GAS rig count rose +13 to 753 last week as higher prices spur exploration and production companies to contract more drilling teams. The number of active rigs has climbed by +509 from the cyclical low in August 2020 and is only -40 below the pre-pandemic level in March 2020. The number of active oil rigs is still -88 below the pre-pandemic level but gas rigs are already +48 above the March 2020 level.
Oil and gas drilling is exhibiting a fairly normal cyclical recovery, though it is unfolding slower than other recent recoveries because some of the larger exploration and production companies have been constraining drilling and production programmes to keep prices high and boost returns to shareholders:
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