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WTI Soars As U.S. Oil Rigs See Biggest Decline Of The Year

Baker Hughes has reported that the number of oil and gas rigs in the United States fell for yet another week, this time dipping 11 rigs—most of which was a loss to the number of oil rigs—the largest decline in the number of oil rigs this year.

WTI and Brent continue on their upward trend as even more analysts agree on the increased likelihood that OPEC will extend their production cut agreement throughout all of 2018, and as EIA reports a continued drawdown of crude oil inventories in the US. Prices will likely increase even more as the Iraq/Kurd situation drags on, and as Baker Hughes reports even further reductions to the number of active rigs in the United States.

The total oil and gas rig count in the United States now stands at 898 rigs, up 329 rigs from the year prior, with the number of oil rigs in the United States decreasing by 8 this week and the number of natural gas rigs decreasing by 3. The US oil rig count now stands at 729.

The spot price for WTI is also trading up to its highest level in six months, up .86% on the day at $55.01 at 11:05am EST—more than $1 up from last week. Brent crude was trading up 1.02% at $61.24 at that time—also $1 over last week’s price at the same time.

Despite the falling oil rig count, US crude oil production was up for the week ending October 27 at 9.553 million barrels per day—a new high for 2017.

At 10 minutes after the hour, WTI was trading at $55.01, with Brent crude trading at $61.24.

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  • david on November 03 2017 said:
    Now we know, US production 9.553 minus 300K to 350K per day.
  • Erling Rolfson on November 03 2017 said:
    The rig count is very misleading. The completions of
    wells is what is important. Rigs in th Bakken take 10 days compared to 30 a few short years ago. So 200 rigs drilling 3 years ago is like 65 today.
  • Boat on November 08 2017 said:
    That's exactly right Erling Rolfson. Besides completed wells, the drilled but uncompleted wells are rapidly rising. Over 7,000, a lot of holes waiting to be fracked.

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