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Surprise Crude Build Threatens Oil Rally

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.

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Rising Oil Rig Count Pressures Oil Prices Further

The the number of active oil and gas rigs rose slightly in the United States this week according to Baker Hughes, after a string of losses in the weeks prior, but the overall rig count is still well below year-ago levels for an eighth week in a row.

The total number of active oil and gas drilling rigs in the United States rose by 1 according to the report, with the number of active oil rigs increasing by 3 to reach 800 and the number of gas rigs decreasing by 2 to reach 184.

The combined oil and gas rig count is 984, with oil seeing a 61-rig decrease year on year and gas rigs down 13 since this time last year. The combined oil and gas rig count is down 76 year on year.

Year-to-date, the oil rig count has fallen from 877 active rigs on January 4 to 800, while gas rigs have fallen from 198 to 184 during that same time.

At 12:12pm EST, moments before data release, WTI was down $1.55 (-2.74%) at $55.04. WTI is trading down more than $3 per barrel week on week as the China-US trade war and threats of tariffs on Mexico goods continues to pressure prices as stubborn US crude oil inventories refuse to draw down to any significant degree.

The Brent benchmark was trading down as well, by $2.07 (-3.17%) at $63.26—also more than a $3 per barrel drop week on week.  

US oil production this week contributed to the bearish sentiment, ticking up for week ending May 24 to again reach the all-time high of 12.3 million bpd that had been originally reached in April.

Canada’s overall rig count increased by 7. Canada’s oil rigs are now down 12 year on year, with gas rigs down 2 year on year.

WTI was trading down 3.41% on the day at 1:33pm EST, with Brent down 3.57%.

By Julianne Geiger for Oilprice.com

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Leave a comment
  • Old-Ruffneck Smith on June 01 2019 said:
    I no think one (1) rig rise will really pressure down prices. Market already in free-fall.
  • Tripp Mills on June 02 2019 said:
    P.S. Make sure when dividends are paid that your brokerage (likely ones that are free that most have no choice over) pays and makes dividends available to you in cash (my guess is they have overshorted all of our positions they are entrusted to hold and not authorized to do. Take my advice : ). Make sure they are not shorting oil also....shame shame shame as shorting client funds is illegal and if they are doing they can go bankrupt (free brokerages who held most of cash dividends did illegal/unauthorized share buys in march). If they hold cash dividends call the company and call the federal reserve (a sign of financial problems big time).
  • Tripp Mills on June 02 2019 said:
    And CONGRATULATIONS TO ARAMCO - they apparently (source: Bloomberg this a.m.) raised July oil prices to certain country(s). U.S. FOLLOW SUIT! ARAMCO isn't the most profitable company in the world for no reason! CONGRATULATIONS ARAMCO again - smart move!

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