Oil Slick Stuff

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Oil stocks were a drag on the Dow and S&P on Monday. Rising wedge on oil chart doesn't look good.

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Gas around here between $2.23 and $2.35 per gallon. Highest is $2.55 but that is close to the car rental lots near the airport.
 
Actually I'm okay with oil around $55.00/bbl..This way the oil companies here in OK are going back to work and the service industry that supports them are hiring again...There is a lot of concerns over the waste water injections although, as they are causing some significant earthquakes like crazy in the the areas using that process.

Got to be a better way of disposing of that waste water.
 
It's more than just settling..it is very UN-Settling

2009–17 Oklahoma earthquake swarms

CAUSE:
Researchers have correlated the increase in earthquakes in central and north-central Oklahoma to injection disposal of produced water from two actively drilled stratigraphic intervals: the Mississippi Lime play, in north-central Oklahoma and extending into Kansas, which uses hydraulic fracturing; and the Hunton dewatering play, in central Oklahoma, which does not use hydraulic fracturing.[58] Both Mississippi Lime and Hunton plays produce large volumes of produced water; frac flowback makes up less than 5 percent of the injected wastewater.[59] More than 70 percent of the produced water from both plays is disposed through permitted Class II injection wells into the Arbuckle Group where it rests on Precambrian basement. The increase in pore pressure can release pre-existing stresses along faults in the basement rock.[60]

Between 2011 and 2014, the percentage of earthquakes spatiotemporally associated with injection wells has increased sharply by 87%.[61] A study of historic earthquakes has concluded that "much of the earthquake activity in the 1950s and 1980–1990s was induced" by injection of wastewater in deep disposal wells and the cluster of activity since 2009 is not consistent with the natural rate of fluctuations seen in the past.[
 
US Boosts Monthly Rate Of Oil Rig Additions To Most Since 2012

by Reuters
|
Friday, February 10, 2017

Feb 10 (Reuters) - U.S. energy companies accelerated the rate of growth in oil rigs added over the past four weeks by the most since 2012 as drillers take advantage of a rise in crude prices since OPEC agreed to cut supplies in late November.
Drillers added eight oil rigs in the week to Feb. 10, bringing the total count up to 591, the most since October 2015, energy services firm Baker Hughes Inc said on Friday.
During the same week a year ago, there were 439 active oil rigs.
The average rate of rig additions over the past four weeks increased to 17, its highest rate of growth since February 2012, Baker Hughes data showed.
Since crude prices first topped $50 a barrel in May after recovering from 13-year lows last February, drillers have added a total of 275 oil rigs in 33 of the past 37 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid 2014.
Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016.
U.S. crude futures traded around $54 a barrel on Friday, putting the contract on track for an eight week of gains in the last nine, as the Organization of the Petroleum Exporting Countries (OPEC) and other producers cut production in an effort to end a global oil glut and raise prices. [more]

http://www.rigzone.com/news/oil_gas..._Rate_Of_Oil_Rig_Additions_To_Most_Since_2012
 
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