AMERICAS OIL: Oil wells per location in Lower 48 than double in past decade
May-07 19:04
Oil wells per location in Lower 48 US states more than double in past decade, EIA says: Reuters
- The EIA said on Wednesday that it estimates that the average number of oil wells completed simultaneously within 50 feet of each other in the Lower 48 states has more than doubled over the past decade.
- Simultaneous well completion per location increased from 1-1/2 wells in December 2014 to more than three wells in June 2024, allowing operators to "accelerate their production timeline and reduce their costs per well."
- This is due to "significant technological advances in hydraulic fracking operations, particularly in equipment capabilities."
- "Adoption of electric frac fleets, which provide better power management, has played a crucial role in the increase in simultaneous completions," the EIA said.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
MNI: US FEB CONSUMER CREDIT -$0.8B
Apr-07 19:00
- MNI: US FEB CONSUMER CREDIT -$0.8B
- US FEB REVOLVING CREDIT +$0.1B
- US FEB NONREVOLVING CREDIT -$0.9B
EURJPY TECHS: Retracement Mode
Apr-07 19:00
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 161.39/164.19 20-day EMA / High Mar 18 and the bull trigger
- PRICE: 161.32 @ 16:56 GMT Apr 7
- SUP 1: 158.30 Intraday low
- SUP 2: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle
- SUP 3: 155.60 Low Low Mar 4
- SUP 4: 154.80 Low Low Feb 28
EURJPY is trading in a volatile manner. The latest pullback still appears corrective, however, following recent weakness, a deeper retracement is likely. The 61.8% retracement point of the Feb 28 - Mar 18 bull cycle, at 158.39, has been pierced. A clear break of this level would open 157.02, the 76.4% retracement level. Initial resistance to watch is 161.39, the 20-day EMA. Key resistance is 164.19, the Mar 18 high.
US STOCKS: Late Equities Roundup: Interactive Media, Chip Stocks Outperforming
Apr-07 18:46
- Stocks continued to pare losses Monday, the Dow lagging modest gains in SPX eminis and Nasdaq indexes in the second half. Markets were cautious in reacting to tariff related headlines after reacting to unsubstantiated morning headlines that suggested Pres Trump was considering a 90 day pause in tariffs - stocks surged as wires reposted the false rumor but quickly retraced.
- Currently, the DJIA trades down down 216.96 points (-0.57%) at 38130.77, S&P E-Minis up 11 points (0.22%) at 5125.75, Nasdaq up 105.5 points (0.7%) at 15707.5.
- Communication Services and Information Technology sectors outperformed in late trade, interactive media and entertainment share buoyed the former: Meta Platforms +3.26%, Netflix +3.01%, Take-Two Interactive Software +2.88%, TKO Group Holdings +2.35% and Alphabet +1.86%.
- Semiconductor stocks Super Micro Computer surged 12.21%, Microchip Technology +7.26%, Lam Research +7.11%, KLA +6.55% and Arista Networks +6.51%.
- Materials and Energy sectors underperformed in late trade, Smurfit WestRock -3.21%, Dow and Amcor both -2.66%, International Flavors & Fragrances -2.61% led laggers in the Materials sector
- Meanwhile, oil and gas shares weighed on the Energy sector: Schlumberger -3.82%, Occidental Petroleum -3.50%, Devon Energy -2.01%, Chevron and APA Corp both -1.75%.
