• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 2 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 1 day Indonesia Stands Up to China. Will Japan Help?
  • 15 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 1 day US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 14 hours Beijing Must Face Reality That Taiwan is Independent
  • 3 hours Let’s take a Historical walk around the Rig
  • 2 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 28 mins Trump has changed into a World Leader
  • 1 day Might be Time for NG Producers to Find New Career
  • 2 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 3 days Phase One trade deal, for China it is all about technology war
Alt Text

Expect A Strong Year For Oil Discoveries

Despite the kickback from the…

Alt Text

How China Could Restart The U.S. Oil Export Boom

China may resume purchases of…

Alt Text

Just How Serious Is The Shale Slowdown?

There has been a lot…

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

U.S. Drillers Add 11 Rigs Despite Oil Price Correction

Baker Hughes reported an 11-rig increase for oil and gas in the United States this week, bringing the total number of active oil and gas rigs to 1,063 according to the report, with the number of active oil rigs increasing by 8 to reach 869 and the number of gas rigs increasing by 4 to reach 193. Miscellaneous rigs fell by 1.

The oil and gas rig count is now 135 up from this time last year.

At 12:05pm. EDT on Friday, WTI Crude was trading up 0.31 percent at $71.19—down more than $3 per barrel from last Friday. Brent Crude was trading down on the day by 0.22 percent at $80.08, down almost $5 per barrel from this time last week.

The lower prices were largely the result of inventory reports in the United States that showed stockpiles had grown considerably, along with OPEC’s monthly report that showed that for the most part, the cartel had managed to makeup for lost production in Iran and Venezuela.

Canada’s oil and gas rigs for the week gained 13 rigs this week after gaining 4 rigs last week, bringing its total oil and gas rig count to 195, which is 17 fewer rigs than this time last year, with an 8-rig increase for oil rigs, and a 5-rig increase for gas rigs.

On the bullish side of things, EIA’s estimates for US production for the week ending October 5 were for an average of 11.20 million bpd—a brand new high.

By 1:09pm EDT, WTI was trading down 0.32% (-$0.23) at $70.74. Brent crude was trading down 1.18% (-$0.95) at $79.31 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

Leave a comment




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