• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 5 mins Joe Biden's Presidency
  • 1 hour China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 4 hours Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 15 hours Navalny Poisoning Weakens Russo German Relations
  • 11 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 16 hours So Is COVID a Media Hoax or Not?
  • 7 hours Will Empire be brazen about stealing OIL from Venezuela?
  • 3 hours Minerals, Mining and Industrial Ecology
  • 23 hours JACK MA versus Xi Jinping
  • 1 day GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 1 day Thanks to food countersanctiona after 2014 Russia become net exporter of food
  • 22 hours a In 2020, we produced and delivered half a million cars.
  • 1 day Parler’s New Partner Has Ties to the Russian Government
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

Slipping Rig Count Can’t Keep Oil Prices From Falling

Baker Hughes reported a 4-rig decrease for oil and gas in the United States this week—a loss in rigs for the third week in a row. The four-rig decline was all on the oil-rig side, with gas rigs holding steady.

The total number of active oil and gas drilling rigs now stands at 1,071 according to the report, with the number of active oil rigs decreasing by 4 to reach 873 and the number of gas rigs holding steady at 198.

The oil and gas rig count is now 141 up from this time last year, 126 of which is in oil rigs.

Crude oil prices fell sharply near the close of the week on Friday despite production losses in OPEC’s Libya and an agreement within OPEC+ to cut 1.2 million bpd from the expanded cartel’s October production.

The WTI benchmark was trading down 2.26% (-$1.19) at $51.39—a loss of more than $2 per barrel week over week—at 11:39am EST. Brent crude was trading down 1.84% (-$1.13) at $60.32—also down more than $2 per barrel from last week.

Canada’s oil and gas rigs for the week decreased by 12 rigs this week after losing 17 rigs last week, bringing its total oil and gas rig count to 174, which is 64 fewer rigs than this time last year, with a 7-rig decrease for oil rigs, and a 5-rig decrease for gas rigs.  

The EIA’s estimates for US production for the week ending December 7 continues to weigh on prices, averaging 11.6 million bpd­—a drop off from the previous 11.7 million bpd for the previous four weeks.

By 1:07pm EDT, WTI had decreased by 2.68% (-$1.41) at $51.17 on the day. Brent crude was trading down 2.03% (-$1.25) at $60.20 per barrel.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • EHLipton on December 14 2018 said:
    I think what you are experiencing here is; pigeon droppings.
    It's weird, I know.
    For some unknown reason when they come home to roost, they trash there own environment. Hmm, Imagine that.
  • Andrew on December 15 2018 said:
    I can only assume the author meant that slipping rig count "doesn't" keep oil prices from falling (at least on Friday) rather than "can't" keep oil prices from falling. It is only a one word difference, but that one word changes the whole meaning.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News