• 5 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 8 minutes China Faces Economic Collapse
  • 12 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 14 minutes Iran in the world market
  • 17 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 4 hours Experts review drone damage . Say Saudis need to do a lot of explaining.
  • 27 mins Saudis Confirm a Cruise Missile from Iranian Origin
  • 16 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 16 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 12 hours USA Wants Iran War -- Shooty Shooty More
  • 12 hours The Spy Money: U.S. Wants To Seize All Money Edward Snowden Makes From New Book
  • 5 hours Aramco Production
  • 2 hours Let's shut down dissent like The Conversation in Australia
  • 18 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 9 hours Trump Will Win In 2020 And Beyond..?
  • 10 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
Alt Text

Is It Time To Go Long On Natural Gas?

Buying natural gas futures in…

Alt Text

Trump Battles To Avoid War With Iran

The investigation into who launched…

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

Oil Prices Unfazed By Growing Rig Count

Baker Hughes reported an additional seven U.S. rigs this week, bringing the total number of active oil and gas rigs to 1.055, according to the report. The number of active oil rigs increased by 7 to reach 867 while the number of gas rigs held steady at 186.

The oil and gas rig count is now 119 rigs higher that it was this time last year.

At 11:37am. EDT on Friday, WTI Crude was trading up 0.13 percent at $68.68—over $1 per barrel up over this time last week, while Brent Crude was trading down 0.20 percent at $78.02—about $1.50 above last week’s levels. The mixed directions of WTI and Brent likely the cause of a perfect storm of catalysts including increasing worries that Iran’s oil exports will be curtailed beyond what OPEC and friends can offset with their own production. Other factors contributing to the volatility of oil prices include Venezuela’s continuing freefall into economic collapse, violence in Libya’s oil-rich areas, and fears that the trade war between China and the United States may indirectly hurt oil demand if global trade were to slow.

Canada’s oil and gas rigs for the week picked up 22 rigs this week after losing 24 rigs last week, bringing its total oil and gas rig count to 226, which is 14 more than this time last year, with a 15-rig increase for oil and a 7-rig increase for gas for the week.

On the production side, the EIA’s estimates for U.S. production for the week ending September 7 were for an average of 10.9 million bpd.

By 1:09pm EDT, WTI was trading up 0.83% (+$0.57) at $69.16. Brent crude was trading up 0.18% (+$0.14) at $78.32 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




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play