Oil Prices Hold Steady As U.S. Oil Rig Count Rises

15 Jul 2017   Prices

The number of active oil and gas rigs in the United States was flat this week overall, after gaining 505 rigs in the last 12 months. But on the oil side, the number of rigs still increased—this week by two—while gas rigs decreased by 2 for a net growth of zero. Combined, the total oil and gas rig count in the US now stands at 952 rigs. Prices rose by mid-day on Friday with Shell’s declaration of a force majeure on Nigeria’s Bonny Light grade, and on yesterday’s IEA report showing a forecast for increased global demand this year. WTI was up .89% at 12:31 pm EST at $46.46—almost $2 above last-week’s levels. The Brent crude benchmark was up .93% at $48.87, also a near-$2 gain per barrel. By 12:59pm, prices were even higher, with both benchmarks trading up over 1% for the day. During 2017—a year of tumultuous […]

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