• 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
  • 13 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours The United States produced more crude oil than any nation, at any time.
  • 6 days e-truck insanity
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry
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. Oil Rig Count Rises As WTI Prices Slide

Rigs

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 6 to 189—a gain that may push prices down further.

The total number of active oil and gas rigs increased for the week by 5, with oil rigs increasing by 6 and gas rigs decreasing by 1.

Total oil and gas rigs in the United States are now down by 589 compared to this time last year.

The EIA’s estimate for oil production in the United States stayed the same for the week ending September 25—the last week for which there is data, at 10.7 million barrels of oil per day. U.S. oil production is still down 2.4 million bpd from its all-time high reached earlier this year.

Canada’s overall rig count rose by 4 this week. Oil and gas rigs in Canada are now at 75 active rigs, and down 69 year on year. 

The Frac Spread Count provided by Primary Vision rose this week, to 111 from 101 last week, indicating that companies are again focusing on completing already drilled wells instead of actively drilling new ones. 

WTI was trading sharply down on Friday, as was the Brent benchmark, coming off another major slump in the previous trading day. Prices have been under pressure due to the demand slump, and today prices feel further as President Trump notified the world that he and his wife tested positive for the coronavirus.

Prices slumped more than 4% in early morning trade. At 12:02 pm EDT, WTI was trading down 2.89% at $37.60—almost $4 down on the week. Brent was trading down 3.05% on the day, at $39.68—also down significantly on the week.  

At 1:16 pm, WTI was trading at $47.34 per barrel, with Brent changing hands at $39.57 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
  • Filip Subocz on October 02 2020 said:
    &quot;At 1:16 pm, WTI was trading at $47.34 per barrel, with Brent changing hands at $39.57 per barrel.&quot;

    At the very end of the article, for WTI it has to be $37.34 I would say? 10 USD more net profit the US oil producers are dreaming from such &quot;high profits&quot; if we take away the pretty high production costs... WTI already trades December futures?!

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