Baker Hughes data showed the total U.S. oil and gas rig count unchanged at 603 this week, up 55 from a year earlier, with oil rigs down 3 to 459 and gas rigs up 1 to 133. EIA data showed weekly U.S. crude output fell to 13.679 million barrels per day in the week ending October 9, from 13.979 million the prior week, though it was only 43,000 barrels per day above a year earlier. Primary Vision's frac spread count rose to 203 crews, its fifth straight weekly gain, while Permian rigs fell by 2 to 272. On Friday, Brent traded at $105.60 and WTI at $97.56 per barrel, both higher than a week earlier.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: U . S . Oil Drillers Back Off Even As Prices Soar
Read the original on oilprice.com ↗
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Oil has mostly stayed above $100 a barrel over the past month because of the Iran war, and energy is the best-performing S&P 500 sector this year with a gain of more than 50%. The author argues energy stocks have limited upside unless oil keeps rising, and believes oil's next big move is lower once the conflict ends, with annualized inflation at 3.7% in September and prices driven by supply concerns rather than demand. Instead, the article points to consumer discretionary stocks (XLY), this year's worst sector with a 7% loss, which fell 36% in 2022 when Brent rose 35% but gained around 40% in 2023 as Brent finished down about 3%. The author stresses this is not a prediction that the pattern will repeat.
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