• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 2 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 3 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 3 hours Will Uncle Sam Step Up and Cut Production
  • 1 hour Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 2 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 1 day US Petroleum Demand Strongest Since 2007
  • 7 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 5 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 15 hours Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 15 hours Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 21 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
Alt Text

Low Solar Panel Prices Spark Surge In Adoption

Solar energy is experiencing a…

Alt Text

Heat Wave Pushes Texas Power Demand To Record-High

Unusually high temperatures caused a…

Alt Text

A Limited Risk Play In A Shaken Market

Recession fears tanked stock markets…

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 Inches Higher Despite Oil Price Slide

Baker Hughes reported a 1-rig increase for oil and gas in the United States this week—a far more tempered figure after last week’s 14-rig increase. The total number of active oil and gas drilling rigs to 1,082 according to the report, with the number of active oil rigs increasing by 2 to reach 888 and the number of gas rigs falling by 1 to reach 194.

The oil and gas rig count is now 167 up from this time last year.

Crude oil prices picked up earlier in the trading day as data showed that Saudi Arabia has been slashing oil exports to the United States in an effort to lessen transparent stockpiles here in the States. The WTI benchmark was trading up 1.09% (+0.62) at $57.30 at 11:39 am EST, with Brent trading up 1.10% (+0.73) at $67.35. Both benchmarks are dollars below this time last week

Earlier in the week, oil prices saw the largest daily loss in year, but the fall was arrested by OPEC’s talks about even more production cuts on the horizon—possibly a cut of 1 million bpd—although nothing official has been announced.

Canada’s oil and gas rigs for the week increased by 1 rigs this week after losing 2 rigs last week, bringing its total oil and gas rig count to 197, which is 11 fewer rigs than this time last year, with a 1-rig increase for oil rigs, and no change to the number of gas rigs.

The EIA’s estimates for US production for the week ending November 9 were for an average of 11.7 million bpd­—a brand new record high that has contributed in part to the lower prices.

By 1:08pm EDT, WTI was trading up 0.51% (+$0.29) at $56.97. Brent crude was trading up 0.62% (+$0.41) at $67.03 per barrel, still down week on week.

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
Download on the App Store Get it on Google Play