• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 3 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 3 mins WTI @ $75.75, headed for $64 - 67
  • 3 hours Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 22 mins OPEC's No. 2 Producer Wants to Know How Buyers Use Its Oil
  • 3 hours U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 2 hours Iranian Sanctions - What Are The Facts?
  • 15 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 15 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 4 mins China Thirsty for Canadian Crude
  • 17 hours Two Koreas: U.N. Command Wrap Up First Talks On Disarming Border
  • 16 hours Shell, partners approve huge $31 billion LNG Canada project. How long till Canadian Federal government Environmentalates it into the ground?
  • 3 hours EU to Splash Billions on Battery Factories
  • 3 hours Superhumans
Alt Text

Disappearance Of Saudi Journalist Could Rock Oil Markets

The disappearance of Saudi journalist…

Alt Text

The Dark Horse Of The Oil Price Rally

Vietnam is set to break…

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.

More Info

Trending Discussions

Oil Prices Fall As U.S. Rig Count Rises For 20th Straight Week

pipeline

The number of active oil and gas rigs in the United States rose for the twentieth straight week, Baker Hughes reported on Friday—this time by 8, as drillers in the US make do with current barrel prices even below $50.

The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 916 rigs—more than double the number of rigs in operation a year ago, when WTI barrel prices were about $49.05—higher than today’s price per barrel for WTI.

Say what they will about rebalancing the oil market—even if they say it again and again—OPEC and its non-OPEC counterparts have been unable to swing prices (and keep them) near $60 per barrel. Undeterred and even seemingly satisfied with the current pricing environment, shale players in the US are showing no signs of stopping, adding 256 oil rigs since December 2, shortly after OPEC announced its agreement.

(Click to enlarge)

These weekly US rig count increases may soon taper off if oil prices continue to go nowhere—an event that may itself lift prices, triggering another round of investments in the shale patch. Related: Will Self-Driving Oil Rigs Hit The Market Before Self-Driving Cars?

At 12:40pm EST on Friday, WTI was trading down .99% for the day at $47.88—almost $1.50 lower than last week’s pre-rig count price at $49.39. Brent Crude was trading down 0.91% at that time at $50.17, down $1.65 from last week’s $51.82 price.

By basin, the Permian added 2 rigs, and now boasts 364 rigs in operation—222 rigs over a year ago. DJ-Niobrara, Utica, and Williston basins all added a rig, while Marcellus and Mississippian lost 2 and 1 respectively.

By 1:13pm EST, WTI was trading at $47.83 and Brent at $50.13.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News