U.S. Rig Count, Petroecuador: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

NATURAL GAS
U.S. Gas Futures Dip for Eighth Week - U.S. natural gas futures fell about 4% to a near three-month low on Friday as record output and reduced liquefied natural gas exports allowed utilities to inject much bigger than normal amounts of gas into storage for the winter over the past month. That put the contract down for an eighth week in a row for the first time since February 2001. Front-month gas futures fell 28.8 cents, or 4.3%, to settle at $6.453 per million British thermal units. For the week, the contract was down about 4%, bringing its losses over eight weeks to around 35%.

PRODUCTION
U.S. Drillers Add Rigs - The oil and gas rig count, an early indicator of future output, rose seven to 769 in the week ending October 14, returning to its highest since March 2020 after slipping for the past couple of months, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. U.S. oil rigs rose eight to 610 last week, their highest since March 2020, while gas rigs fell one to 157, their lowest since July.

Ecuador Expects to Choose Contractor for Gas Field Expansion - Petroecuador (Quito, Ecuador) expects to soon award a contract to expand production from the country's Amistad offshore gas field, the Ecuadorean state oil firm company said late on Thursday. Work on the gas field would begin late next year. "We are progressing with the pre-contract process under an integrated service contract model including financing," it said in the release. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can click here for more details.

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).