• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 17 mins The Most Annoying Person You Have Encountered During Lockdown
  • 25 mins Which producers will shut in first?
  • 13 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 5 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 10 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 5 hours How to Create a Pandemic
  • 5 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 23 hours WE have a suicidal player in the energy industry
  • 11 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 13 hours Death Match: Climate Change vs. Coronavirus
  • 6 hours Where's the storage?
  • 9 hours KSA taking Missiles from ?
Alt Text

Refiners Are Having To Pay To Produce Gasoline

As the challenges continue to…

Alt Text

Oil Markets Are On The Brink Of Armageddon

The coronavirus severely affected the…

Alt Text

U.S. Drillers Face Doomsday Scenario As Some Crude Blends Hit $1

Single-digit oil prices and unprecedented…

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