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Smart Money Is Piling Into Oil

Speculators turned bullish on oil…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

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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

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