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FiDD_1015Sporting Clays 2015Oct Luncheon

U.S. Rig Count is down 14 rigs from last week to 795, with oil rigs down 9 to 605, gas rigs down 6 to 189, and miscellaneous rigs up 1 to 1.

U.S. Rig Count is down 1,135 rigs from last year at 1,930, with oil rigs down 1,004, gas rigs down 131, and miscellaneous rigs unchanged at 1.

The U.S. Offshore rig count is 32, up 2 rigs from last week, and down 26 rigs year over year. 

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Oil surged above $50 a barrel in New York for the first time since July on speculation that demand is picking up.

West Texas Intermediate futures rose as much as 4.7 percent. A “new capital discipline” in the industry will allow demand to catch up with supplies, boosting prices, according to Gary Ross, founder and chairman of PIRA Energy Group. Demand will climb more this year than previously projected amid cheaper fuel prices, OPEC Secretary-General Abdalla Salem El-Badri said yesterday in a statement to the International Monetary Fund. 

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WASHINGTON — Texas and its hard-hit oil industry will be on the front lines Friday as the House votes to lift a decades-old ban on crude oil exports. The vote opens a new front in the war over the future of fossil fuels amid rising fears about the impact of climate change on the planet.

A team of Texas lawmakers led by Rep Joe Barton, R-Arlington, the bill’s author, argue that the 1970s-era ban meant to prevent domestic oil shortages makes no sense in 2015.

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Brent oil climbed to the highest level in a month amid speculation that falling crude production will ease the global supply glut.

U.S. crude production dropped 120,000 barrels a day in September from the prior month, according to the U.S. Energy Department’s monthly Short-Term Energy Outlook. At an industry conference in London Tuesday, Royal Dutch Shell Plc Chief Executive Officer Ben Van Beurden said the first signs of recovery in the oil market are beginning to appear, although the company is still planning for a long period of low prices. 

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Schlumberger plans to move its national headquarters to Sugar Land as part of its long-term strategy to consolidate its presence, according to city documents.

The oil and gas company, currently based at 5599 San Felipe in Houston, plans to expand its existing offices in the southwest suburb. The company is currently the Sugar Land’s second-largest employer. 

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Low global crude prices have hit Saudi Arabia hard, commented Douglas-Westwood in its Aug. 24 edition of DW Monday. With a considerable budget deficit, Saudi Arabia has been forced to begin borrowing from capital markets – $4 billion in July.
The kingdom is highly reliant on oil – accounting for more than 90% of budget revenues. Cuts have not been made to capital expenditure, and DW notes that Saudi Arabia has engaged in an expensive conflict within Yemen. Consequently, the decision to ride out lower prices has put a huge strain on finances – the International Monetary Fund estimates that $50 oil will lead to a deficit of approximately $140 billion (20% of GDP) this year. Plugging holes in the budget with bond issues is the clearest sign yet that the kingdom is feeling the pinch, and the question is, how long can it continue? 

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To celebrate Kate Winslet’s 40th birthday, there is a titanic shift underway as markets rally strongly to start the week. Although Chinese markets are closed until Thursday, the rest of Asia has been rallying like a mad thing as we are back in the realm of ‘bad is good’. Rising expectations of further stimulus from Japan has supported markets, while waning expectations of a US rate hike (hark, now under 10% for October) further endorse today’s risk-on stance. These factors are also providing headwinds for the US dollar, hence a combination of a weaker dollar and ongoing loose monetary policy is egging on the crude market today.

In terms of economic data flow, PMI services data was below consensus for the Eurozone, held back by Germany and Spain but supported by a better-than-expected print from France. The UK also saw a below-consensus print. Tales of retail sales for the Eurozone, however, came in better than expected at +2.3% YoY, with a positive YoY trend in place (20 straight months): 

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 U.S. Rig Count is down 29 rigs from last week to 809, with oil rigs down 26 to 614, gas rigs down 2 to 195, and miscellaneous rigs down 1 to 0.

U.S. Rig Count is down 1,113 rigs from last year at 1,922, with oil rigs down 977, gas rigs down 135, and miscellaneous rigs down 1.

The U.S. Offshore rig count is 30, down 3 rigs from last week, and down 31 rigs year over year.

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 U.S. Rig Count is down 4 rigs from last week to 838, with oil rigs down 4 to 640, gas rigs down 1 to 197, and miscellaneous rigs up 1 to 1.

U.S. Rig Count is down 1,093 rigs from last year at 1,931, with oil rigs down 952, gas rigs down 141, and miscellaneous rigs unchanged at 1.

The U.S. Offshore rig count is 33, up 2 rigs from last week, and down 29 rigs year over year.

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 DOJ Timing Agreement Extended Three Weeks to December 15, 2015

HOUSTON--(BUSINESS WIRE)--Sep. 28, 2015-- Halliburton Company (NYSE: HAL) and Baker Hughes Incorporated (NYSE: BHI) today announced that the companies will market for sale additional businesses in connection with Halliburton’s pending acquisition of Baker Hughes. Pursuant to the Merger Agreement, and in order to permit completion of Halliburton’s acquisition of Baker Hughes, the following additional businesses are intended to be divested: Halliburton’s expandable liner hangers business, which is part of the company’s Completion & Production Division; Baker Hughes’ core completions business, which includes: packers, flow control tools, subsurface safety systems, intelligent well systems, permanent monitoring, sand control tools and sand control screens; the Baker Hughes sand control business in the Gulf of Mexico, including two pressure pumping vessels; and Baker Hughes’ offshore cementing businesses in Australia, Brazil, the Gulf of Mexico, Norway, and the United Kingdom.

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