• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 6 mins WTI @ $75.75, headed for $64 - 67
  • 2 hours Trump vs. MbS
  • 3 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 7 hours The Dirt on Clean Electric Cars
  • 13 hours Uber IPO Proposals Value Company at $120 Billion
  • 4 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 2 hours EU to Splash Billions on Battery Factories
  • 17 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 14 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 8 hours Coal remains a major source of power in Europe.
  • 4 hours Poland signs 20-year deal on U.S. LNG supplies
  • 20 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 16 hours Nopec Sherman act legislation
Alt Text

EIA Report Threatens Oil Price Rally

After a very bullish week…

Alt Text

OPEC Turns On The Taps To Counter Iranian Outages

OPEC reported a collapse in…

Alt Text

Move Aside Lithium – Vanadium Is The New Super-Metal

Lithium took investors across the…

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 Slides As U.S. Rig Count Surges Most In 16 Months

Drill Mountains

Baker Hughes reported an astonishing 20-rig gain this week to the number of active oil and gas rigs in the United States for its November 18th reporting period, bringing the total number of active oil and gas rigs in the US to 588—169 fewer than this same time last year.

The breakdown for this week’s monumental increase is 19 oil rigs and 1 gas rig. This week marks the largest increase in oil rigs in the US since July 2015, and in the last three weeks alone, 30 new oil rigs have been made active. The number of oil rigs now stands at 471.

The increase in rig count indicates continued confidence in the sector, despite weekly US crude oil inventory builds that continue to add to the supply side of the already imbalanced supply/demand equation.

Not surprisingly, the Permian saw the largest increase of 11 rigs, bringing the total rigs in the Permian to 229, which is four more than this time last year, making it only the second basin to be at or above last year figures, after Cana Woodford.

In the hours leading up to the data release, both WTI and Brent were trading down, with WTI clocking in at $45.07 (-0.77%) and Brent at $46.15 (+0.73%) around 10:00 a.m. EST, despite OPEC’s mad dash to get out as many positive comments as they could regarding the production cap that is supposed to be solidified on November 30.

Related: OPEC: Iran Must Cap Output At 3.9 Million Bpd

This week, at least, the markets are not buying what OPEC is serving up—particularly in the wake of a strong dollar and steadily increasing crude stockpiles—possibly signaling that OPEC’s barrage of rah-rah comments may be losing steam as it tries to swing the oil markets in a positive direction despite its monthly increases in oil production.

And showing the true volatile nature of oil prices as of late, WTI had rallied moments before the data release to $45.61, with Brent up to $46.69. Within 10 minutes after release, WTI started to slide on the news as the shaky market braces for the inevitable addition to oil already high inventories.

Canada, which saw a huge 22-rig increase last week, also saw another hefty increase this week of 8 rigs this week.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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