• 4 minutes What will the future hold for nations dependent on high oil prices.
  • 7 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 13 minutes Venezuela continues to sink in misery
  • 44 mins End of EV Subsidies?
  • 52 mins Maersk's COO statment.
  • 6 hours Trump accuses Google Of Hiding 'Fair Media' Coverage of him
  • 1 hour Citi cuts Apple's price target
  • 2 hours Asian stocks down
  • 7 hours OPEC Cuts Deep to Save Cartel
  • 1 hour Japan Effectively Bans China’s Huawei, ZTE From Government Contracts, Joining U.S
  • 6 hours China Builds LNG Icebreaker
  • 7 hours Price Decline in Chinese Solar Panels
  • 18 hours IT IS FINISHED. OPEC Victorious
  • 4 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 8 hours EPA To Roll Back Carbon Rule On New Coal Plants
  • 2 hours GOODBYE FOREIGN OIL DEPENDENCE!!
Alt Text

Qatar’s OPEC Exit May Just Be The Beginning

Qatar shocked markets yesterday with…

Alt Text

Saudi Arabia Squeezed As OPEC Meeting Nears

Oil prices dipped in early…

Alt Text

BP Is Comfortable With $50 Oil

Oil majors are not worried…

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

Trending Discussions

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:




Back to homepage

Trending Discussions


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
-->