Energy Services firm Baker Hughes Co (BKR.O)
The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

Trends in the Energy Market

• NYMEX futures continue to hold below $3.00 per MMBtu through June 2023, unthinkable several months ago. Prompt month is now March 2023.
  

• Colder temperatures have moved into the northern tier and New England. The West is very cold and lots of snow pack has developed in the region. California and the Pacific northwest are very cold and this continues into mid-March. Some cooler air may find its way into the south, but its overall effect on heating degree days may be limited.
  
  
• Natural gas production for the month of February averaged 99.4 Bcf/day, down 9.0 Bcf/day month-over-month, but up 5.7 Bcf/day, year-over-year.
  
  
• Natural gas inventories in storage are rising. Recent withdrawals are less than the same period in 2022. Storage now stands at 22% more than the same period last year and 15% more than the 5-year average. A big turnaround from the beginning of winter.

• Global crude oil demand is uneven. Prompt month futures are sitting at mid-$70s / bbl. China's will remain the main driver for crude oil pricing. The re-opening of their economy is uneven. Potentially higher interest rates in 2023 are also pressuring crude to the soft side in the near term.
  
  
• The economy seems to be giving off mixed signals. Retail sales have rebounded as job growth accelerated. The Fed is aiming for 2% inflation,  but rates remain stubbornly higher. Personal consumption, a key economic and inflation indicator, rose 5.4% in January from a year before.
  
  
• Forward electricity prices were down in virtually all regions. California prices however have risen over the past month fell 10-12%. FERC Accepts PJM’s Changes to Address Capacity Auction Price Increase in Delmarva-South