• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 3 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 24 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 9 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 4 hours Wind droughts
  • 6 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Xi Is Set To Be Re-Elected As China’s Leader
  • 13 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 3 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 hours Australian power prices go insane
  • 10 days Oil Prices Fall After Fed Raises Rates
  • 8 hours Europeans and Americans are beginning to see the results of depending on renewables.
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Traders Are Cashing In On Volatile Markets

Oil Traders Are Cashing In On Volatile Markets

Oil traders are once again…

Researchers Take A Deep Dive Into Solar Cell Efficiency

Researchers Take A Deep Dive Into Solar Cell Efficiency

Shanghai Polytechnic University researchers are…

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

Falling Rig Count Can’t Halt Oil Price Slide

Baker Hughes reported a 3-rig decrease for oil and gas in the United States this week. The total number of active oil and gas drilling rigs now stands at 1,076 according to the report, with the number of active oil rigs increasing by 2 to reach 887 and the number of gas rigs falling by 5 at 189.

The oil and gas rig count is now 147 up from this time last year, 138 of which is in oil rigs.

Crude oil prices slumped on Friday and were set to crown November as the worst month for oil prices in a decade as fears of oversupply and slowing demand growth took precedence over hopes that OPEC+ will agree to curb oil production at its meeting on December 6 and 7.

 The WTI benchmark was trading down 0.35% (-0.18) at $51.27 at 12:42pm EST—a $4 per barrel slide week on week. Brent crude was trading down 0.45% (-0.27) at $59.64—also down almost $4 per barrel.

Canada’s oil and gas rigs for the week decreased by 5 rigs this week after gaining 7 rigs last week, bringing its total oil and gas rig count to 199, which is 23 fewer rigs than this time last year, with a 5-rig decrease for oil rigs, and the number of gas rigs holding steady for the week.  

The EIA’s estimates for US production for the week ending November 23 continues to weigh on prices, averaging 11.7 million bpd­ for the third week in a row and the highest production rate for the United States.

By 1:07pm EDT, WTI had slipped further into the red, falling 0.43% (-$0.22) at $51.23 on the day. Brent crude was trading down 0.52% (-$0.31) at $59.60 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




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