AMERICAS OIL: Baker Hughes Regional Update – Week of November 7th
Regional Baker Hughes Summary Report
Total US rigs were up 2 this week, with oil rigs holding flat and gas rigs increasing by 3. Canada rigs rose by 4, driven 2 additional oil and 2 additional gas rigs.
- Total US rigs are 37 below the same week last year. Oil rigs are 65 below last year, while gas is 26 rigs above last year.
- Most of the core basins have rig activity back to the same levels as last year, except for the Permian.
- Permian horizontal oil rigs held flat week-over-week, after falling by 5 last week.
- Permian horizontal rigs have been around 230 units since August, which is a level last seen in July 2021. The EIA reported last week that August crude production was up 0.3 Mb/d year-over-year, but activity has slowed, production growth may slow or hold flat through the end of the year.
- Haynesville activity rose by one rig and averaged 40 rigs for the last 5 weeks.
- Both the Eagle Ford and SCOOP/STACK lost one rig week over week.
- Alberta added 5 horizontal rigs week-over-week to reach 140 and is now 3 below the same time last year.
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COMMODITIES: Gold At Another All-Time High, Silver Rebounds, Crude Rises
- Spot gold registered another fresh all-time high of $4,059.3/oz earlier today, despite further gains in the USD index to its highest level since early August, as the ongoing US government shutdown continued to drive safe haven demand.
- Spot is currently up by 1.6% at $4,049/oz.
- TD Securities says that gold looks overbought and caution that, given the speed and magnitude of the rally since mid-August, there could be a significant unwind in the relative near-term.
- However, they ultimately remain bullish and expect gold to rise above $4,400 in H1 2026.
- From a technical perspective, a bull cycle in gold remains in play and this week’s breach of $4,000/oz further reinforces the recent uptrend. Sights are on $4,074.54 next, a Fibonacci projection.
- Similarly, silver has also rebounded sharply today, rising to a high of $49.55/oz earlier, just below the April 2011 all-time high at $49.804, before paring gains slightly.
- Currently, silver is up by 3.1% to $49.3/oz.
- Meanwhile, crude is also extending the gains seen so far this week after the smaller than expected OPEC output rise for November and despite a larger than expected US crude stock build today.
- WTI Nov 25 is up by 1.4% at $62.6/bbl.
- Despite the recovery in WTI futures from the most recent low, a bearish theme remains intact. Initial support is at $60.40, the Oct 2 low, while initial firm resistance has been defined at $66.42, the Sep 29 high.
USDJPY TECHS: Impulsive Bull Wave
- RES 4: 154.80 High Feb 12
- RES 3: 154.39 76.4% retracement of the Jan 10 - Apr 22 bear leg
- RES 2: 153.15 High Feb 14
- RES 1: 153.00 High Oct 8
- PRICE: 152.70 @ 16:21 BST Oct 8
- SUP 1: 150.92 High Sep 26
- SUP 2: 149.96 High
- SUP 3: 148.46 20-day EMA
- SUP 4: 147.84 50-day EMA
A bullish theme remains intact in USDJPY and this week’s gains reinforce current trend conditions. The move higher has resulted in a breach of the key medium-term resistance at 150.92, the Aug 1 high. The clear break of it confirms a resumption of the bull leg that started Apr 22. This paves the way for an extension towards 154.39, a Fibonacci retracement point. Initial support to watch lies at 150.92, the Aug 1 high.
FRANCE: Lecornu Says Macron Able To Name New PM In 48 Hours: Bloomberg
Bloomberg reports *LECORNU SAYS MACRON TO BE ABLE TO NAME NEW PREMIER IN 48 HOURS"
"“There are possibilities for a compromise in parliament,” Lecornu said on France 2 television Wednesday. “There is an absolute majority in the national assembly that rejects a new dissolution.”"
