{"id":41693,"date":"2018-12-15T10:15:49","date_gmt":"2018-12-15T15:15:49","guid":{"rendered":"https:\/\/olduvai.ca\/?p=41693"},"modified":"2018-12-15T10:15:49","modified_gmt":"2018-12-15T15:15:49","slug":"slipping-rig-count-cant-keep-oil-prices-from-falling","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=41693","title":{"rendered":"Slipping Rig Count Can\u2019t Keep Oil Prices From Falling"},"content":{"rendered":"

Slipping Rig Count Can\u2019t Keep Oil Prices From Falling<\/a><\/h3>\n
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Baker Hughes reported a 4-rig decrease for oil and gas in the United States this week\u2014a loss in rigs for the third week in a row. The four-rig decline was all on the oil-rig side, with gas rigs holding steady.<\/p>\n

The total number of active oil and gas drilling rigs now stands at 1,071 according to the report, with the number of active oil rigs decreasing by 4 to reach 873 and the number of gas rigs holding steady at 198.<\/p>\n

The oil and gas rig count is now 141 up from this time last year, 126 of which is in oil rigs.<\/p>\n

Crude oil prices fell sharply near the close of the week on Friday despite production losses in OPEC\u2019s Libya and an agreement within OPEC+ to cut 1.2 million bpd from the expanded cartel\u2019s October production.<\/p>\n

The WTI benchmark was trading down 2.26% (-$1.19) at $51.39\u2014a loss of more than $2 per barrel week over week\u2014at 11:39am EST. Brent crude was trading down 1.84% (-$1.13) at $60.32\u2014also down more than $2 per barrel from last week<\/p>\n

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Canada\u2019s oil and gas rigs for the week decreased by 12 rigs this week after losing 17 rigs last week, bringing its total oil and gas rig count to 174, which is 64 fewer rigs than this time last year, with a 7-rig decrease for oil rigs, and a 5-rig decrease for gas rigs.<\/p>\n

The EIA\u2019s estimates for US production for the week ending December 7 continues to weigh on prices, averaging 11.6 million bpd<\/a>\u00ad\u2014a drop off from the previous 11.7 million bpd for the previous four weeks.<\/p>\n

By 1:07pm EDT, WTI had decreased by 2.68% (-$1.41)<\/a> at $51.17 on the day. Brent crude was trading down 2.03% (-$1.25)<\/a> at $60.20 per barrel.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Slipping Rig Count Can\u2019t Keep Oil Prices From Falling Baker Hughes reported a 4-rig decrease for oil and gas in the United States this week\u2014a loss in rigs for the third week in a row. The four-rig decline was all on the oil-rig side, with gas rigs holding steady. The total number of active oil […]<\/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":[103,11731,592,23083,1644,827],"class_list":["post-41693","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-canada","tag-julianne-geiger","tag-oil-price","tag-oil-price-com","tag-rig-count","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41693","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=41693"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41693\/revisions"}],"predecessor-version":[{"id":41694,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41693\/revisions\/41694"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}