Oil Rig Count Falls Amid Oil Tag Correction | OilPrice.com – OilPrice.com
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Oil Rig Count Falls Amid Oil Tag Correction | OilPrice.com – OilPrice.com

By Julianne Geiger – Would possibly perchance perchance 24, 2019, 12:20 PM CDT

Rig

The the assorted of active oil and fuel rigs fell all yet again within the usa this week primarily based utterly on Baker Hughes, after a string of losses within the weeks prior, keeping the general rig depend effectively below Three hundred and sixty five days-within the past stages for a seventh week in a row.

The general more than just a few of active oil and fuel drilling rigs within the usa fell by four primarily based utterly on the document, with the assorted of active oil rigs falling 5 to reach 797 and the assorted of fuel rigs increasing by 1 to reach 186.   

The blended oil and fuel rig depend is 983, with oil seeing a sixty two-rig decrease Three hundred and sixty five days on Three hundred and sixty five days and fuel rigs down 12 since this time final Three hundred and sixty five days. The blended oil and fuel rig depend is down Seventy six Three hundred and sixty five days on Three hundred and sixty five days.

Three hundred and sixty five days-to-date, the oil rig depend has fallen from 877 active rigs on January four to 797, while fuel rigs private fallen from 198 to 186 at some level of that same time. Oil rigs are truly at their lowest since March 2018, primarily based utterly on Baker Hughes.

At 12:33pm EST, moments sooner than data open, WTI used to be trading up quite by $0.04 (+0.07%) at $Fifty seven.ninety five, after taking a beating the day sooner than. WTI is trading down bigger than $four per barrel week on week as the China-US replace warfare dampens the temper within the market on top of accelerating grievous oil inventories within the usa.

The Brent benchmark used to be trading up as effectively, by $0.30 (+0.45%) at $66.Eighty—also bigger than a $four per barrel tumble week on week.  

US oil manufacturing ticked up quite for week ending Would possibly perchance perchance 17, coming in at 12.2 million bpd—just one hundred,000 bpd off the April 26 excessive of 12.three million bpd.

Canada’s rig depend increased by 15. Canada’s oil rigs are truly up three Three hundred and sixty five days on Three hundred and sixty five days, with fuel rigs down 6 Three hundred and sixty five days on Three hundred and sixty five days.

WTI used to be trading up 0.Forty one% on the day at 1:09pm EST, with Brent up 0.66%.

By Julianne Geiger for Oilprice.com

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May 24, 2019
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