• 3 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 11 mins Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 53 mins Something wicked this way comes
  • 1 day A sneak peak into the US election
  • 3 hours America's Frontline Doctors - Safely Start Living Again!
  • 1 hour France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 13 hours covid. stop the carriers and thus stop the virus.
  • 20 hours "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 1 day Is the coal industry on the way out?
  • 1 day GPOR - Gulfport Oil - Why?
  • 29 mins California’s Electric Vehicle Dream Has A Major Problem: No
  • 1 hour Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 1 day Tucker Carlson responds to CDC after agency critiques commentary about mask-wearing
  • 8 hours Vote Biden for Higher Oil Prices
  • 9 hours Permian in for Prosperous and Bright Future
  • 14 hours Ethanol present in gasoline
Can U.S. Shale Rebound?

Can U.S. Shale Rebound?

With oil prices still hovering…

Libya's Oil Rebound Continues

Libya's Oil Rebound Continues

Libya continues to open its…

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

U.S. Oil Rig Count Flat Despite Hurricane Harvey

The number of active oil and gas rigs in the United States rose this week by 3 rigs, largely dispelling earlier analyst notions that Hurricane Harvey would delay as much as 10 percent of upcoming fracking work, and suspend roughly half the rigs in Eagle Ford.

The total oil and gas rig count in the United States, post Harvey, now stands at 943 rigs, up 446 rigs from the year prior, with the number of oil rigs in the United States flat this week and the number of gas rigs increasing by 3.

Oil rigs in the United States now number 759—352 rigs above this time last year.

While some were expecting a boost in oil prices due to an expectation that there would be a Harvey-related drop in the number of active US rigs, refinery shutdowns in the US—which had climbed to about a third of total crude oil refining in the United States and include the first and second largest refineries in the US—severely diminished the demand for crude oil as refineries have no need for the crude while in shutdown mode. While some refineries have since restarted production, 16 percent of total US refinery capacity—or 3.04 million barrels per day—remains offline in Texas.

In 2005, it took refineries between one and two months to resume normal operations in the wake of Katrina.

Prices continued to fall on Friday—and were off 6 percent on the month as a whole—despite decreased exports from OPEC for the month of August. At 12:15pm EDT Friday, WTI was trading down 0.42 percent at US$47.03, with Brent trading down 0.40 percent at US$52.65. Related: Failed Oil Price Recovery Slams Energy Stocks

In line with a small rise in the number of oil rigs, US crude oil production continues to increase, with average production averaging 9.530 million barrels per day for the week ending August 25, up just slightly from 9.528 million bpd the week prior.

While Hurricane Harvey, which was downgraded to a tropical storm before its conclusion, is safely in the oil industry’s review mirror, Hurricane Irma—upgraded Thursday to a Category 3 and expected to strengthen in the coming days—is currently headed for the Caribbean and has the potential to deal yet another blow to the US as early as late next week.

At 6 minutes after the hour, WTI was trading at $47.04 with Brent crude trading at $52.49.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Carlos on September 01 2017 said:
    The rig count for this week states that: "Due to the impact of Hurricane Harvey on South Texas this week, we could not verify the change in rig counts across 47 counties in South Texas, with the exception of one rig moving out of Dimmit County. Therefore, we’re reporting the same counts as last week, minus the one rig that has been accounted for, totaling 87 rigs across the 47 counties".

    Therefore, the impact of Hurricane Harvey is not reflected in the rig count of this week.
  • adec on September 11 2017 said:
    Carlos,
    Thanks for pointing that out. The articles here are often misleading, written by authors that are clueless or have some agenda.
    Adec

Leave a comment




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