• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 4 hours Cpt Lauren Dowsett
  • 6 mins Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 4 mins Its going to be an oil bloodbath
  • 20 mins Marine based energy generation
  • 7 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 2 hours Which producers will shut in first?
  • 1 min CDC covid19 coverup?
  • 1 min How to Create a Pandemic
  • 13 mins Iran-Turkey gas pipeline goes kaboom. Bad people blamed.
  • 18 hours The Most Annoying Person You Have Encountered During Lockdown
  • 11 hours The idea that electric cars are lowering demand is ridiculous.
  • 12 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 17 hours Natural gas price to spike when USA is out of the market

Breaking News:

IEA: OPEC Can’t Save The Oil Market

Alt Text

The Permian Boom Is Going Bust

Oil companies are already beginning…

Alt Text

How Far Will Trump Go To Save U.S. Shale?

Washington is increasingly worried that…

Alt Text

China's Plan To Capitalize On The Oil Price War

While Saudi Arabia and Russia…

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