• 4 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 9 minutes Time For Reaction: Trump Presses OPEC to Reduce Prices as Crude Trades Near $80
  • 15 minutes Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
  • 9 hours So about that psychological oil price ceiling of $80 ... Trump's Twitter sledgehammer is right on cue, again
  • 4 hours China Tariff Threatens U.S. LNG Boom
  • 9 hours Global Hunger Continues to Grow Driven By Climate Change
  • 2 hours Toyota Agreed To Add Android Auto To Its Vehicles
  • 14 hours So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 7 hours Transition Time: Volkswagen Announces "Electric for All" Campaign
  • 4 hours Big Oil Costs Can't Go Much Lower
  • 13 hours WTI now at $70+ headed for $50s
  • 3 hours Google And Facebook Lead Digital's March To Half Of The U.S. Ad Market
  • 1 day Qatar/Germany: 10 billion Euro Investment In Germany's Energy Sector
  • 1 day PetroChina Inks Its Biggest Qatar LNG Deal as U.S. Trade at Risk
  • 1 day Economic collapse? Iran's Khamenei Tells Rouhani, Ministers, To Solve Economic problems
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
Alt Text

Is This A Turning Point For Electricity Sales?

After nine years of economic…

Alt Text

Oil Prices Rise As Rig Count Sees Minor Dip

Oil prices rose on Friday…

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

US Rig Count Holds Steady As Oil Prices Slip

Oil rig

Baker Hughes reported no change to the number of active oil and gas rigs in the United States on Friday. Oil and gas rigs held at 1,048 according to the report, with the number of active oil rigs falling by 2 and the number of gas rigs increasing by 2.

The oil and gas rig count is now 104 up from this time last year.

At 12:23pm. EDT on Friday, WTI Crude was trading down 0.63 percent at $67.35—almost $3 per barrel from this time last week, while Brent Crude traded down 0.25 percent at $76.31—about $1.50 below last week’s levels—as Iran’s oil exports continue to slip heaving into November when the US sanctions kick in and as troubled Venezuela concocts plans to pump and export more oil to no avail.

Canada’s oil and gas rigs for the week fell sharply, by 24, bringing its total oil and gas rig count to 204, which is just 2 more than this time last year, with an 18-rig decrease for oil and a 6-rig decrease for gas for the week. The price of Western Canada Select (WCS) was trading down on Friday, trading down 2.45% at $37.77, essentially flat week on week.

While the Permian basin still boasts 102 more rigs than this time last year, the Utica, Arkoma Woodford, Barnett, Cana Woodford, DJ-Niobrara, Granite Wash, and the Mississippian basins each have fewer rigs than they did a year ago.

While the number of rigs in the United States are 104 more than this time last year, the EIA’s estimates for US production for the week ending August 31 were for an average of 11 million bpd, compared to 8.78 million bpd a year ago this week.

By 1:09pm EDT, WTI was trading down 0.59% (-$0.40) at $67.37. Brent crude was trading down 0.24% (-$0.18) at $76.32 per barrel.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • rjs on September 07 2018 said:
    re: "US production for the week ending August 31 were for an average of 11 million bpd, compared to 8.78 million bpd a year ago this week"

    a year ago was Harvey...

Leave a comment




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