• 4 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 9 minutes Time For Reaction: Trump Presses OPEC to Reduce Prices as Crude Trades Near $80
  • 15 minutes Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
  • 9 hours So about that psychological oil price ceiling of $80 ... Trump's Twitter sledgehammer is right on cue, again
  • 4 hours China Tariff Threatens U.S. LNG Boom
  • 9 hours Global Hunger Continues to Grow Driven By Climate Change
  • 2 hours Toyota Agreed To Add Android Auto To Its Vehicles
  • 13 hours So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 7 hours Transition Time: Volkswagen Announces "Electric for All" Campaign
  • 3 hours Big Oil Costs Can't Go Much Lower
  • 13 hours WTI now at $70+ headed for $50s
  • 3 hours Google And Facebook Lead Digital's March To Half Of The U.S. Ad Market
  • 1 day Qatar/Germany: 10 billion Euro Investment In Germany's Energy Sector
  • 1 day PetroChina Inks Its Biggest Qatar LNG Deal as U.S. Trade at Risk
  • 1 day Economic collapse? Iran's Khamenei Tells Rouhani, Ministers, To Solve Economic problems
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
Alt Text

Iran: There Is No Spare Oil Capacity

Iran’s OPEC governor has claimed…

Alt Text

Oil Prices Jump On Saudi Arabia’s $80 Claim

Saudi Arabia has signaled that…

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 Unfazed By Growing Rig Count

Rig

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:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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