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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.

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Falling Rig Count Fails To Lift Oil Prices

Oil rig

Baker Hughes reported a 1-rig decrease for oil and gas in the United States this week, bringing the total number of active oil and gas drilling rigs to 1,067 according to the report, with the number of active oil rigs decreasing by 1 to reach 874 and the number of gas rigs holding steady at 193.

The oil and gas rig count is now 169 up from this time last year.

Crude oil fell on Friday on the news that the United States will indeed grant eight countries waivers for purchasing crude oil from soon to be sanctioned Iran. The official announcement from Washington is scheduled to be released on Monday, the day the sanctions go into effect.

At 12:20pm. EDT on Friday, the price of the WTI crude benchmark was down 0.64% (-$0.41) at $63.28—a more than $4 per barrel slide from this time last week. For the Brent crude benchmark, Friday saw no movement in afternoon trade, flat at $72.89 per barrel, an almost $5 per barrel slide from this time last week.

Canada’s oil and gas rigs for the week decreased by 2 rigs this week after gaining 9 rigs last week, bringing its total oil and gas rig count to 198, which is 6 rigs less than this time last year, with a 3-rig decrease for oil rigs, and an 1-rig increase for gas rigs.

EIA’s estimates for US production for the week ending October 26 were for an average of 11.2 million bpd, springing back to the high of a few weeks ago despite the lower prices.

By 1:15pm EDT, WTI was trading down 1.15% (-$0.70) at $62.96. Brent crude was trading down 0.41% (-$0.30) at $72.59 per barrel.

By Julianne Geiger for Oilprice.com

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  • Dan on November 03 2018 said:
    Happens every year I can remember going into the holiday season and holiday travel. Right on clue.

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