• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 43 mins Shale Oil Fiasco
  • 8 hours Everything you think you know about economics is WRONG!
  • 2 hours USA v China. Which is 'best'?
  • 25 mins Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 8 hours Global Debt Worries. How Will This End?
  • 17 hours My interview on PDVSA Petrocaribe and corruption
  • 7 hours Quotes from the Widowmaker
  • 6 hours Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 1 day Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 6 hours Tesla Launches Faster Third Generation Supercharger
  • 1 day Petroleum Industry Domain Names
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Prices Hold Steady As U.S., Canadian Oil Rig Count Take Steep Dive

Baker Hughes reported a 1-rig decrease for oil and gas in the United States this week—a loss in rigs for the second week in a row, with a 10-rig decrease in the number of oil rigs.

The total number of active oil and gas drilling rigs now stands at 1,075 according to the report, with the number of active oil rigs decreasing by 10 to reach 877 and the number of gas rigs increasing by 9 to reach 198.

The oil and gas rig count is now 144 up from this time last year, 126 of which is in oil rigs.

Crude oil prices skyrocketed on Friday after a rather abysmal November, as OPEC managed to pull it together in the final hour of production cut talks with its members and Russia. Despite the talks ending yesterday without a resolution as Russia’s Alexander Novak flew back home to discuss its options with President Vladimir Putin, Friday saw a resolution to the cuts as the group came together, with Russia, to shave 1.2 million bpd off its October production levels.

The WTI benchmark was trading up 4.14% (+2.13) at $53.62 at 12:38pm EST—a roughly $2 per barrel increase week on week. Brent crude was trading up 4.46% (+2.68) at $62.74—about $3 up week on week. .

Canada’s oil and gas rigs for the week decreased by 17 rigs this week after losing 5 rigs last week, bringing its total oil and gas rig count to 186, which is 33 fewer rigs than this time last year, with a 17-rig decrease for oil rigs, and a 4-rig increase for gas rigs.  

The EIA’s estimates for US production for the week ending November 30 continues to weigh on prices, averaging 11.7 million bpd­ for the fourth week in a row and the highest production rate for the United States.

By 1:07pm EDT, WTI had increased by 4.53% (+$2.33) at $53.82 on the day. Brent crude was trading up 4.96% (+$2.98) at $63.04 per barrel.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • thor on December 07 2018 said:
    they finally caught up with the fact that you can't keep pumping unprofitable oil forever.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play