{"id":29254,"date":"2017-12-30T10:19:13","date_gmt":"2017-12-30T15:19:13","guid":{"rendered":"http:\/\/olduvai.ca\/?p=29254"},"modified":"2017-12-30T10:19:13","modified_gmt":"2017-12-30T15:19:13","slug":"u-s-rig-count-falls-slightly-as-canadas-rig-count-tanks","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=29254","title":{"rendered":"U.S. Rig Count Falls Slightly As Canada\u2019s Rig Count Tanks"},"content":{"rendered":"

U.S. Rig Count Falls Slightly As Canada\u2019s Rig Count Tanks<\/a><\/h3>\n\"Eagle<\/picture>\n
\n

The number of active oil and gas rigs dipped this week, according to Baker Hughes data<\/a>, decreasing by 2 rigs, bringing the total rigs to 929 rigs, which is an addition of 271 rigs for the 2017 calendar year.<\/p>\n

The number of oil rigs in the US stayed the same for the second week in a row, while the number of gas rigs decreased by 2. The number of oil rigs stands at 747 versus 525 a year ago. The number of gas rigs in the US now stands at 182, up from 132 a year ago.<\/p>\n

At 10:04pm EST, the price of a WTI barrel was down $0.20 (+0.33%) to $60.04\u2014a 2.5-year high, while the Brent barrel was trading up $0.18 (+0.27%) to $66.34, largely on the back of weeks of falling US crude oil inventory, and a surprise decrease in US crude oil production.<\/p>\n

US crude oil production has been on a steady upward trajectory for nearly a quarter, which has previous limited price spikes that came on the back of the Forties shutdown and a pipeline bombing in Libya. But US crude oil production for the week ending December 22 came in at 9.754 million barrels per day<\/a>\u2014a hair off the previous week\u2019s high, and breaking a nine-week production increase in the US. While the 9.754-million-barrel-per-day production level is still the second highest, the fact that production didn\u2019t increase for a tenth week bolstered confidence.<\/p>\n

The most alarming news this week is Canada’s rig count, which saw a decrease of 58 oil rigs and 16 gas rigs.<\/p>\n

The Permian basin rig count stayed flat this week, but stands at 134 rigs above this same week last year. Williston and Haynesville basins lost rigs this week, with DJ-Niobrara gained 3.<\/p>\n

At 1:09pm EST, WTI was trading at $60.36<\/a> (+$0.52) with Brent trading at $66.82<\/a> (+$0.66).<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

U.S. Rig Count Falls Slightly As Canada\u2019s Rig Count Tanks The number of active oil and gas rigs dipped this week, according to Baker Hughes data, decreasing by 2 rigs, bringing the total rigs to 929 rigs, which is an addition of 271 rigs for the 2017 calendar year. The number of oil rigs in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[103,11731,1729,5332,1644,827],"class_list":["post-29254","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-canada","tag-julianne-geiger","tag-oil-and-gas-industry","tag-oilprice-com","tag-rig-count","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29254"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29254\/revisions"}],"predecessor-version":[{"id":29255,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29254\/revisions\/29255"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}