• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 2 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Saudi Fund Wants to Take Tesla Private?
  • 2 days Pakistan: "Heart" Of Terrorism and Global Threat
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 1 day Mike Shellman's musings on "Cartoon of the Week"
  • 1 hour Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 1 hour China goes against US natural gas
  • 2 days Are Trump's steel tariffs working? Seems they are!
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 19 hours Why hydrogen economics does not work
Alt Text

The Shale Boom That Will Never Happen

Andres Manuel Lopez Obrador has…

Alt Text

This Is Why Canada Lost The LNG Race

Just recently, it seemed as…

Alt Text

Keystone XL Delayed…Again

The Keystone XL saga has…

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

U.S. Shale rig

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:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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