• 12 hours Oil Pares Gains After API Reports Surprise Crude Inventory Build
  • 12 hours Elon Musk Won’t Get Paid Unless Tesla Does “Extraordinarily Well”
  • 13 hours U.S. Regulators Keep Keystone Capacity Capped At 80 Percent
  • 13 hours Trump Signs Off On 30 Percent Tariff On Imported Solar Equipment
  • 15 hours Russian Funds May Invest In Aramco’s IPO To Boost Oil Ties
  • 16 hours IMF Raises Saudi Arabia Growth Outlook On Higher Oil Prices
  • 18 hours China Is World’s Number-2 In LNG Imports
  • 1 day EIA Weekly Inventory Data Due Wednesday, Despite Govt. Shutdown
  • 1 day Oklahoma Rig Explodes, Leaving Five Missing
  • 1 day Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 2 days Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 2 days Libya’s NOC Restarts Oil Fields
  • 2 days US Orion To Develop Gas Field In Iraq
  • 4 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 4 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 4 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 4 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 5 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 5 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 5 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 5 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 5 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 5 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 5 days Venezuelan Output Drops To 28-Year Low In 2017
  • 6 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 6 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 6 days Kinder Morgan Delays Trans Mountain Launch Again
  • 6 days Shell Inks Another Solar Deal
  • 6 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 6 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 7 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 7 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 7 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 7 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 7 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 7 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 7 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 7 days Norway Grants Record 75 New Offshore Exploration Leases
  • 7 days China’s Growing Appetite For Renewables
  • 8 days Chevron To Resume Drilling In Kurdistan
Alt Text

Should Big Oil Pay For Climate Change?

New York City has become…

Alt Text

Coastal States Protest Trump’s Offshore Drilling Plan

President Trump’s proposal to open…

Alt Text

Will Surging U.S. Shale Kill Off The Oil Rally?

The incredible growth of U.S.…

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

Oil Prices Stable On Flat Oil Rig Count

Oil Rig

The number of active oil and gas rigs rose this week, according to Baker Hughes data, increasing by 1 rig, for a total of 931 rigs currently in operation in the United States—278 rigs above this time last year.

The number of oil rigs in the U.S. stayed the same, while the number of gas rigs climbed by 1. The number of oil rigs stands at 747 versus 523 a year ago. The number of gas rigs in the U.S. now stands at 184, up from 129 a year ago.

For Canada’s part, the number of oil and gas rigs fell hard, by 28 rigs, with gas and oil rigs each falling by 14.

At 1:00pm EST, the price of a WTI barrel was down $0.11 (+0.19 percent) to $58.25, while the Brent barrel was trading up $0.16 (-0.11 percent) to $64.50. Prices had come off a previous years-ago high earlier on Friday, as rising US output and news surfaced that Forties will be back up and running at normal capacity in early January.

The hotspot Permian Basin gained one rig for the week, but things are looking up for the Permian, as Kinder Morgan announced on Thursday that, with its partners, it will go ahead with its $1.7 billion gas pipeline project that will alleviate existing bottlenecks that prevent more gas from flowing out of the basin.

US crude oil production continues to climb a weekly basis, placing further pressure on prices. U.S. crude oil production for the week ending December 15 was 9.789 million barrels per day—another record for 2017, and the ninth straight weekly increase.

At 1:06pm EST, WTI was trading at $58.26 with Brent trading at $64.49. 

You can find WTI, Brent and many more oil prices on the Oil Price Charts page.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Wayne Potter on December 22 2017 said:
    The market is tightening that is fact. The only thing keeping prices down is market manipulation by net importing nations. The fear of inflation after a 3 year hiatus is keeping .gov bean counters up at night plotting their next move maybe with a tax break or something.

Leave a comment




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