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Falling Rig Count Supports Oil Prices

Oil prices found some support…

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.

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Rig Count Drops As U.S. Crude Output Hit 11 Million Bpd

Oil rig

Baker Hughes reported a decreased number of active oil and gas rigs in the United States on Friday. Oil and gas rigs decreased by 8 rigs, according to the report, with the number of active oil rigs falling by 5 to 858 this week, while the number of gas rigs dipped by 2, hitting 187.

The oil and gas rig count now stands at 1,046—up 96 from this time last year, with the number of oil rigs accounting for 94 of that 96.

Canada gained 14 oil and gas rigs for the week, 11 of which were gas rigs. Canada’s oil and gas rig count is now up just 5 year over year. Oil rigs are up by 24 year over year in Canada, while the number of gas rigs are down by 19.

The biggest loser by basin this week was Granite Wash, which lost 3 rigs. The only basin to gain rigs this week were Cana Woodford (+2), and Utica (+1). The Permian basin, which saw neither an increase or a decrease this week, and Cana Woodford, saw the biggest increases year over year. Cana Woodford now has 12 more rigs than this time last year, while the Permian has 102 rigs more than this time last year. Related: Who Actually Benefits From Sanctions On Iran?

WTI crude was trading down on Friday afternoon while Brent crude was trading up—widening the WTI discount to Brent. WTI was trading down 0.18% (-$0.12) at $68.12 at 12:34 pm EDT. Brent crude was trading up 0.25% (+$0.18) at $72.76 per barrel.

Both benchmarks are trading significantly down week on week as the market treads carefully after OPEC committed to increasing production in order to more closely stick to its production cut agreement after months of under producing, and despite US production that this week, for the first time, hit a new psychologically important high of 11 million bpd, after hovering at 10.9 million bpd for multiple weeks.

At 11 minutes after the hour, WTI was trading up 0.04% at $68.27, with Brent trading up 0.34% at $72.83.

By Julianne Geiger for Oilprice.com

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  • Kay Uwe Böhm on July 20 2018 said:
    Why oil explorers not oil owners like USA itself earning money from oil sellng should pay if it would be anything than fraud that storms from CO2 warming that did not arrive in USA and not making the temperature differences for storms not coming from absolute levels. 100ppm over warm time level increases 0.5°C but decreases over set free sulfides about -0.3°C and with rising rate +2 ppm/a it needs 200 years until doubled with +2°C so all was just global fraud to be judged with all money payed back.

    Exploring oil, gas and coal is not needed with in every case any time needed new atomic power and new 99% efficient turbines also with low temperatures also for making cheap methane CNG out of H2 and CO2 exotherm reaction near eternal

    RBN-Th pebble bed HTR without any rest risk all cases also cheap.
    RBN is cubic boron nitride cBN also called white diamond isotopes B-11 absorption like C-12 and N-15 only 1/100 that way full thorium cycle simply baking fine granulate ThO2 in alpha-BN finished kept inside with fission products also at end storage no quadteiso etc. needed pebble run rime up to 30 years in compact tungsten reflector HTR.
    RBN hard up ro 2800°C unburnable and insoluble allows security also if HTR open under water or in flames
    no electricity & active cooilng need
    double stop by spring 1s after el. break of melt, Hg swap or pressure switches and self slow down over B-11 and Th capturing radiating heat also passive into low melting buffer concrete of outside rib steel inside tungsten double steel walls inside He better Li-7 cooled then to turbines about 1.6m thick secure inside He cooled with W chimney tubes with holes also placeholder.


    Turbines with CF compressor not condenser, backflow coollng all isolated and CO2 instead water for exanple used for glass green house in desert cooled delivering energy not needing water condensed out with CF compressor there very hot cooled with CO2 for new turbines.

    With desalination and agar towers no food & H2O problem left in world
    with eternal 1 Cent-€/kWh energy.

    Original kayuweboehm@yahoo.de

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