• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 14 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
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

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News