ENERGY: Baker Hughes Regional Update – Week of September 19th
Sep-19 18:05
Total US rigs were up 3 this week, with the addition of 2 oil rigs and 1 miscellaneous rig. Canada added 3 rigs week-over-week, all targeting oil.
- Horizontal rigs across all the major basins held flat with no change week-over-week.
- Horizontal rigs stand at 231 in the Permian, 21 in the Marcellus, 39 in the Haynesville. Permian horizontal rigs remain 65 below last year’s level and 59 below the start of the year.
- The US rig additions came from the DJ (+1 horizontal and +1 directional) and the Granite Wash (+1 horizontal).
- Alberta added 5 horizontal rigs week-over-week, up 10 rigs from last month and only 6 below the same time last year.
- British Columbia and Saskatchewan each lost a horizontal rig and are still below last year’s levels.
- See Regional Breakdown Here: MNI_Baker Hughes Summary_2025-09-19.pdf
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Historical bullets
US TSYS: Post-July FOMC Minutes React
Aug-20 18:03
- Still comfortably bid, Treasuries pare gains slightly after the July FOMC minutes showed almost all wanted to keep rates steady.
- Tsy Sep 10Y contract trades at 111-29.5 vs. 112-00.5 high, 10Y yield taps 4.2829%.
- Initial technical support well below at 111-11 (50-day EMA); resistance above at 112-15.5 (High Aug 5 and the bull trigger).
- Curves mixed: 2s10s -1.489 at 54.121, 5s30s +.472 at 108.714.
MNI: ALMOST ALL WANTED TO HOLD STEADY IN JULY - MINUTES
Aug-20 18:00
- MNI: ALMOST ALL WANTED TO HOLD STEADY IN JULY - MINUTES
- FED: MAJORITY JUDGED RISK TO INFLATION AS GREATER RISK
- FED: SEVERAL SAW INFLATION, LABOR RISKS ROUGHLY BALANCED
- FED: 'COUPLE' CONSIDERED EMPLOYMENT MORE SALIENT RISK
- FED CLOSE TO FINALIZING CHANGES TO CONSENSUS STATEMENT
- FED: MARKET INDICATORS SUGGEST RESERVES REMAINED ABUNDANT
- FED: STAFF TO MONITOR RESERVE CONDITIONS CLOSELY
EURGBP TECHS: Support Remains Exposed
Aug-20 18:00
- RES 4: 0.8769 High Jul 28
- RES 3: 0.8744 High Aug 7
- RES 2: 0.8682 High Aug 8
- RES 1: 0.8650 20-day EMA
- PRICE: 0.8657 @ 16:15 BST Aug 20
- SUP 1: 0.8597 Low Aug 14
- SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg
- SUP 3: 0.8540 Low Jun 30
- SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg
EURGBP traded higher into the close. A reversal higher from here would refocus attention on key resistance and bull trigger at 0.8769, the Jul 28 high. Recent weakness, however, resulted in a breach of key support at 0.8611, the Jul 31 low. Note too that the cross has pierced the 50-day EMA, at 0.8616. A continuation lower would strengthen a bearish threat and highlight a stronger reversal. This would open 0.8562, a Fibonacci retracement point.
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