• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 3 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 1 hour Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 5 hours The Inconvenient Truth Of Electric Cars
  • 5 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 1 hour Oil Demand Needs to Halve: Equinor
  • 15 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 14 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 6 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 3 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 2 hours The Plastics Problem
  • 2 hours Hydrogen FTW... Some Day
  • 5 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 51 mins Section 232 Uranium
  • 12 hours California and Oil
  • 5 mins Solar Panels at 26 cents per watt
Alt Text

China Launches World’s First Smart Oil Tanker

China unveiled the world’s first…

Alt Text

The 100-Year Old Wildcatter Poised For A Breakout

Noble Energy is an industry…

Alt Text

Shale Pioneer: Fracking is an “Unmitigated Disaster”

Fracking has been an “unmitigated…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Trending Discussions

U.S. Rig Count Rises To 7 Month High

The United States saw a seven-site increase in the domestic oil rig count, making this the fourteenth week of no-decline in oil rigs counts, according to the Baker Hughes weekly report on North American drilling activity.

The oil-rig count now stands at 425 rigs, the highest the figure has been in seven months – but still 189 sites lower than it stood one year ago.

Gas rigs increased by four sites, bringing the total to 96 rigs – less than half of the sector’s drilling strength last year.

Zero Hedge noted that the third quarter of 2016 ended with a 29 percent increase in active oil rigs in the United States – the biggest quarterly rise since the fourth quarter of 2009.

Canada saw a massive 24-rig increase this week, most (17) of which came from the country’s gas sector.

New Mexico gained three rigs in its portion of the Permian Basin, and North Dakota gained two. Alaska, Arkansas, Colorado, Louisiana, Oklahoma, Pennsylvania, and West Virginia each got a one-site raise.

Texas lost one rig in Eagle Ford – becoming the only state to see a decrease in active sites this week.

The Williston, Marcellus and Cana Woodford basins each gained two sites, while Arkoma Woodford, DJ-Niobrara, Fayetteville and Granite Wash saw a single-rig increase.

 

(Click to enlarge)

Image source: Zerohedge.com

Brent barrel prices stood at $50.06 at the time of the report’s writing, and West Texas Intermediate traded at $48.09. Following the EIA’s report on Tuesday which reported yet another draw week, West Texas Intermediate traded at $45.23 a barrel while Brent traded at $46.89.

Prices rose by six percent late Wednesday, when OPEC announced it had agreed on the basic outlines of a production freeze agreement amongst its members.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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