• 1 hour South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 5 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 6 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 8 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
Alt Text

EU Aims To Reform World’s Biggest Carbon Market

The European Union is divided…

Alt Text

Energy Majors Hit Hard By Climate Regulations

Siemens and General Electric have…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

U.S. Oil Rig Count Falls For The First Time In 4 Months

Eagle Ford rig

This week’s Baker Hughes report shows a small two-rig decline in the United States oil count, ending what was 17 straight weeks of no-decline in the active rig figure, providing a possible small reprieve for oil prices which have been wallowing today in the extremely sensitive market.

Prior to the release of the Baker Hughes data, today’s oil prices were on the decline, reaching losses not seen for six weeks on the market’s lack of enthusiasm over the latest round of OPEC chatter and meeting with non-OPEC producers, which unsuccessfully sought to prop up markets ahead of the Nov 30 OPEC meeting that some believe will result in a freeze or cut of some type.

Supply glut or not, the increase in overall rig count over the last four-plus months— despite this week’s small loss—still suggests that US oil is ready to take advantage of any opportunity brought by even marginally higher oil prices—no matter how volatile the day-to-day market, and no matter what the inventory numbers show—just so long as a price increase of some kind exists. This week’s dip in prices may, however, have an effect on next week’s count, as the number of active rigs usually trails pricing data.

While the oil rig count is down slightly this week, the year-on-year numbers have improved since last week. The oil rig count now sits 137 rigs below the 578-rig figure reported during the same period last year.

The gas count saw a six-rig increase to 108 rigs, and now stands at 83 rigs fewer than the count the same time last year.

The number of Texas oil and gas rigs increased again this week by two, after a spike of ten sites last week. An even bigger winner was North Dakota, which added five sites for a total of 35 for the state—still 27 fewer than the same time last year. Related: The Beginning Of The End For Europe’s Natural Gas War

The biggest losers were Colorado, which lost three sites, and New Mexico, which lost two.

By basin, the Williston basin added the most rigs, for a five-site gain to bring the total for that basin to 35.

At 12:30pm EST, a half hour before Baker Hughes released the rig count data, West Texas Intermediate was trading down 1.03 percent at $49.21, with Brent trading down at 0.89 percent at $50.02. Within minutes of Baker Hughes releasing the data, WTI was trading down even further at $49.16, with Brent at $49.96.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




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