• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 8 hours Indonesia Stands Up to China. Will Japan Help?
  • 1 hour We're freezing! Isn't it great? The carbon tax must be working!
  • 58 mins Shale Oil Fiasco
  • 15 hours Might be Time for NG Producers to Find New Career
  • 2 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 18 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 12 hours Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 8 hours Beijing Must Face Reality That Taiwan is Independent
  • 14 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 19 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 1 day US Shale: Technology
  • 2 days Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
Alt Text

The Hottest Energy Conflict Right Now

Belarus has just bought two…

Alt Text

The Shipping Industry’s $1 Trillion Problem

The global shipping industry is…

Alt Text

Hydrogen Costs Could Be Set To Plunge By 50%

Hydrogen, while still expensive today,…

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

Rig Count Falls Amid Recovering Oil Prices

Baker Hughes reported a 3-rig decrease for oil and gas in the United States this week. The total number of active oil and gas drilling rigs now stands at 1,079 according to the report, with the number of active oil rigs decreasing by 3 to reach 885 and the number of gas rigs holding steady at 194.

The oil and gas rig count is now 156 up from this time last year.

Crude oil prices picked up earlier in the trading day after a very rough start to the week that saw prices fall 7% on the day on Tuesday. On Wednesday, prices held on a higher note despite the Energy Information Administration’s report that showed a build of 4.9 million barrels in crude oil inventory—in contrast to the surprise draw that the API reported on Tuesday.

The WTI benchmark was trading up 3.44% (+1.84) at $55.27 at 1:18 pm EST—still a couple dollars shy of last week’s prices, with Brent trading up 2.27% (+1.42) at $63.95—also down significantly from last week.

Canada’s oil and gas rigs for the week increased by 7 rigs this week after gaining 1 rig last week, bringing its total oil and gas rig count to 204, which is 11 fewer rigs than this time last year, with a 6-rig increase for oil rigs, and 1 rig increase to the number of gas rigs.

The EIA’s estimates for US production for the week ending November 16 were for an average of 11.7 million bpd for the second week in a row—the highest production rate for the United States.

By 1:26pm EDT, WTI was trading up 3.50% (+$1.87) at $55.30. Brent crude was trading up 2.45% (+$1.53) at $64.06 per barrel, still down week on week.

By Julianne Geiger for Oilpricee.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