• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 4 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 4 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 1 day Pollster Frank Luntz released a poll today showing 90% of those that voted for Trump in November would vote for him again.
  • 3 hours Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
  • 1 day Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 2 hours CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 1 day ICE Engines Hear to Stay Regardless of War Against
  • 3 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 6 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 1 day Minerals, Mining and Industrial Ecology
  • 1 day a In 2020, we produced and delivered half a million cars.
  • 1 day Trump Supporters Just Handed a Huge Propaganda Victory to China
  • 2 days Evidence is evidence, voter fraud by state
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