• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 57 mins OPEC will consider all options. What options do they have ?
  • 11 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 16 hours Russia Accuses U.S. Of Stoking Tensions With Missile Test
  • 3 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 7 hours What to tell my students
  • 1 min With Global Warming Greenland is Prime Real Estate
  • 3 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 12 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 8 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 7 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 1 day In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 13 hours Flaring is at Record Highs in Texas
  • 23 hours Get First Access To The Oilprice App!
Alt Text

Aramco IPO Could Spell Disaster For Big Oil

The Saudi Aramco IPO could…

Alt Text

OPEC Turns Bearish On Oil

In its latest monthly report,…

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 Plunge Set To Boost Oil & Gas Prices

The number of active oil and gas rigs in the United States took a steep dive this week, dipping 15 rigs—the third straight weekly loss.

The total oil and gas rig count in the United States now stands at 913 rigs, up 360 rigs from the year prior, with the number of oil rigs in the United States decreasing by 7 this week and the number of natural gas rigs decreasing by 8.

The oil rig count now stands 293 above the count one year ago, shedding a total of 32 oil rigs in the last ten weeks. Natural gas rigs have fallen four rigs in the last 10 weeks, but the trendline for both types of rigs is distinctly downward.

(Click to enlarge)

The spot price for WTI fell on Friday despite the disturbance in Iraq over the Kurdish referendum that sparked controversy over oil production and exports, and despite US and Iran tensions over sanctions that calls into question Iran’s ability to negotiate oil contracts with foreign investors. Oil prices seem stuck in a rut, stubbornly on track to end in a small loss for the week, even as EIA’s Wednesday’s report showed crude oil inventories had shed 5.7 million barrels for the week ending October 13.

At 12:43pm EST on Friday, WTI was trading down $0.18 (-0.35%) at $51.33—pennies below the WTI price of $51.35 at noon last Friday. Brent crude was trading down today by $0.19 (-0.33%) on the day at $57.04—$.08 under last week’s price. Related: Are Combustion Engines Reaching Peak Demand?

The biggest losers last week by basin were the Eagle Ford (-6) and Barnett (-4). This week, it’s the Permian (-6) and Haynesville (-3) basins that took the brunt of the cuts.

US crude oil production slipped by almost a million barrels daily for the week ending October 13, coming in at 8.406 million barrels per day—down significantly from the week’s prior 9.480 million barrels per day.

At 14 minutes after the hour, WTI had regained some ground at $51.46, with Brent crude trading at $57.28.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Joan Kandi on October 20 2017 said:
    Well cannibalizing is plaguing the patch. If you think about it, it is not that difficult to get oil out of a rock 4k meters underground.
  • Disgruntled on October 20 2017 said:
    8.406 mmbopd production? Hmmm. Hurricane Nate makes landfall around 10/7. Shouldn't most of the Gulf production been back on for the week ended 10/13? I know it isn't a matter of flipping a switch, but Gulf production wasn't down that much for Hurricane Harvey [8,781 mmbopd for the storm week] and it was a much larger, longer duration storm. Is the EIA using a hurricane to rectify some bad production reporting?
  • Kr55 on October 21 2017 said:
    It's weird. Keep hearing from "experts" that producers hedging at $52 for 2018 is going to bring a wave of production. But, they all hedged at $55+ for 2017 and oil is already around $52 and activity has totally stalled.
  • Ol on October 21 2017 said:
    John Kandi. Because you don't know the steps involved, don't assume they dont exist.
  • Boat on October 26 2017 said:
    According to the EIA's Drilling Productivity Report, completed wells are on the rise. Also on the rise are drilled but uncompleted wells. This data gives a better idea of what is going on rather than drilling rig counts.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play