The apathy of US oil producers has characterised this bull cycle.
We continue to get data on falling drilling activity from Baker Hughes and stagnant production. According to the latest data, 485 oil rigs were active last week and 588 total (minus 3 and 2 for the week, respectively). These are the lowest values in two and a half years.
A separate report from the Department of Energy shows continued smooth replenishment of the strategic fuel reserve (the highest in 14 months). Commercial stocks are almost in line with last year's levels after rising since the start of the year.
Production levels have returned to 13.2 million BPD in the previous two weeks after 13 weeks of declines to 13.1 million.
The apathy of US oil producers has characterised this bull cycle.
We continue to get data on falling drilling activity from Baker Hughes and stagnant production. According to the latest data, 485 oil rigs were active last week and 588 total (minus 3 and 2 for the week, respectively). These are the lowest values in two and a half years.
A separate report from the Department of Energy shows continued smooth replenishment of the strategic fuel reserve (the highest in 14 months). Commercial stocks are almost in line with last year's levels after rising since the start of the year.
Production levels have returned to 13.2 million BPD in the previous two weeks after 13 weeks of declines to 13.1 million.
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Among the actives, Ascendas REIT sank 0.64 percent, while CapitaLand Integrated Commercial Trust plummeted 1.42 percent, City Developments plunged 1.12 percent, Dairy Farm International tumbled 0.86 percent, DBS Group skidded 0.68 percent, Genting Singapore retreated 0.67 percent, Hongkong Land climbed 1.30 percent, Mapletree Commercial Trust lost 0.47 percent, Mapletree Logistics Trust tanked 0.95 percent, Oversea-Chinese Banking Corporation dropped 0.61 percent, SATS rose 0.24 percent, SembCorp Industries shed 0.54 percent, Singapore Airlines surrendered 0.79 percent, Singapore Exchange slid 0.30 percent, Singapore Press Holdings declined 1.03 percent, Singapore Technologies Engineering dipped 0.26 percent, SingTel advanced 0.81 percent, United Overseas Bank fell 0.39 percent, Wilmar International eased 0.24 percent, Yangzijiang Shipbuilding jumped 1.42 percent and Keppel Corp, Thai Beverage, CapitaLand and Comfort DelGro were unchanged.
