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Baker Hughes Rig Count - May 2019

Friday, June 7, 2019 - Baker Hughes, a GE company (NYSE:BHGE) announced today that the international offshore rig count for May 2019 was 240, down 11 from the 251 counted in April 2019, and up 42 from the 198 counted in May 2018. The average offshore U.S. rig count for May 2019 was 21, down 1 from the 21 counted in April 2019 and up 1 from the 20 counted counted in May 2018.

This Week in Petroleum

Wednesday, June 5, 2019 -U.S. Gulf Coast crude oil imports averaged 1.8 million b/d in March 2019, the lowest level since March 1986 and significantly lower than the peak of 6.6 million b/d in March 2007. Preliminary weekly data indicate that Gulf Coast crude oil imports have averaged about 1.9 million b/d through April and May. Falling crude oil imports into the U.S. Gulf Coast so far in 2019 are the result of both recent events and continuing longer-term trends. Recently, sanctions on Venezuelan imports and heavy refinery maintenance have reduced imports.

Net income for 43 U.S.oil producers reached a five-year high in 2018, totaling $28 billion. Based onthis metric, 2018 was the most profitable year for these U.S. oil producerssince 2013, despite average West Texas Intermediate (WTI) crude oil prices thatwere $33 dollars per barrel (b) lower in 2018 than in 2013, as well as anapproximate 40% within-quarter decline in prices in the fourth quarter.

Average Hurricane Activity with 13 Named Storms Predicted

June 04 2019 - The Colorado State University Department of Atmospheric Science now believes that 2019 will have approx. average activity with thirteen named storms, five hurricanes and a 54% probability of at least one major Category 3-4-5 hurricane making landfall on the U.S. coast.