U.S. Oil Rig Count Falls As Prices Falter

7 Oct 2017   USA

The total oil and gas rig count in the United States now stands at 936 rigs, up 412 rigs from the year prior, with the number of oil rigs in the United States decreasing by 2 this week and the number of natural gas rigs decreasing by 2. The oil rig count now stands 320 above the count one year ago. The spot price for WTI fell earlier on Friday as traders feared further rises in U.S. crude oil inventories as refineries in the US once again brace for stormy weather, preparing evacuations and shuttering in anticipation—this time—of Tropical Storm Nate. Prices were weighed down a day earlier as well, after the EIA reported that US oil exports had reached an all-time high of 1.98 million bpd for week ending September 29. WTI is down 2.91% to the ever-important $50 mark, at $49.31 at 12:18pm EST on Friday—still more […]

Tags:

Comments are closed.