• 4 minutes Why Trump will win the wall fight
  • 9 minutes Climate Change: A Summer of Storms and Smog Is Coming
  • 12 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 11 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 6 mins Ayn Rand Was Right
  • 1 hour Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 2 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 2 hours Sanctions or Support: Despite Sanctions, Iran's Oil Exports Rise In Early 2019
  • 24 mins NZ Oil, Gas Ban Could Cost $30 Bln
  • 3 hours Solar and Wind Will Not "Save" the Climate
  • 1 hour Oil imports by countries
  • 21 hours Some Good News on Climate Change Maybe
  • 14 hours Regular Gas dropped to $2.21 per gallon today
  • 21 hours Expected Breakdown: Israel-Central Europe Summit Canceled After Polish Pullout
Alt Text

A Worrying Trend For International Oil Giants

Fitch has awarded Abu Dhabi’s…

Alt Text

Is A Natural Gas Cartel Forming?

Over two months ago, Qatar…

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