Sign in Subscribe
Petroleum industry

BP Shares Fluctuate Amid Drilling Data Release

Strategic Insights

— 1 min read

Oil prices have risen today after the release of drilling data showing a decline in domestic shale production, leading to a increase in the number of rigs in use. Analysts at Goldman Sachs predict that U.S. crude production will decline by over 250,000 barrels per day between the second and fourth quarters of this year. This decline, combined with OPEC's refusal to decrease production, has led to a sharp fall in oil prices over the past 12 months.

Key Takeaways:

  • BP shares are currently down 0.1% to $31.06 this afternoon despite opening at $31.04.
  • The number of rigs in use has decreased for the third straight week, leading to lower domestic production of shale.
  • Goldman Sachs analysts predict a decline in U.S. crude production by over 250,000 barrels per day between the second and fourth quarters of this year.
  • OPEC's refusal to decrease production has led to a sharp fall in oil prices over the past 12 months.
  • Industry standard Brent crude for November delivery is up 2.11% to $48.47 per barrel.
  • West Texas crude for October delivery is up 3.45% to $46.22 per barrel.

Statistics:

  • BP shares are currently down 0.1% to $31.06.
  • The number of rigs in use has decreased for the third straight week.
  • Goldman Sachs analysts predict a decline in U.S. crude production by over 250,000 barrels per day.
  • OPEC's refusal to decrease production has led to a 12-month decline in oil prices.
  • Industry standard Brent crude for November delivery is up 2.11% to $48.47 per barrel.
  • West Texas crude for October delivery is up 3.45% to $46.22 per barrel.

Sources:

  • Corbett, Laura. "BP, Exxon, Coca-Cola And More Believe It Or Not". CNBC. 23 Oct 2019.
  • Street, The. "BP PLC (BP) Stock Price, News, Quote & History - TheStreet". 23 Oct 2019.
  • Sach, Goldman. "Record Highs for Oil Prices - The Daily Oil Report". CNBC. 22 Oct 2019.

Read more