U.S. Rig Count Rises Amid Crashing Oil Prices

US drillers added 13 rigs to the number of oil and gas rigs this week, according to Baker Hughes, with oil rigs increasing by 15 and gas rigs dipping by 2. The oil and gas rig count now stands at 1,059—up 151 from this time last year. The Permian basin…

Houthi Rebels Fire Missile At Aramco Facility

Armed Yemeni Houthis launched yet another ballistic missile at Saudi Arabia’s state-run oil company, Saudi Aramco on Monday, according to Houthi TV station al-Masirah tv. No damage has yet been reported, with a spokesman for the Saudi-led coalition fighting the Houthis saying that Saudi air defense forces had tracked the missile, which had landed in the middle of the uninhabited desert, according to the Saudi Press Agency. The Houthis targeted an Aramco facility in the Jizan province, the latest in a string of escalating tensions between…

U.S. Rig Count Increases Sharply Amid Rising Crude Output

US drillers added 13 rigs to the number of oil and gas rigs this week, according to Baker Hughes, adding 10 active oil rigs and 3 active gas rigs. The oil and gas rig count now stands at 1,045—up 160 from this time last year. Meanwhile, neighboring Canada lost 7 rigs for the week—the latest in a string of losses. Gas rigs in Canada are now fewer in number than they were a year ago. Both the Brent and WTI benchmark were trading down on the day at 10:00am EST after reaching almost three-year highs earlier in the week over U.S. President…

Iran Upbeat About Oil Exports Despite Sanction Threat

Iran is confident that its oil exports will not be disrupted by the re-imposition of sanctions after the United States vowed to withdraw from the Nuclear Deal, according to Iranian Oil Minister Bijan Zanganeh as quoted by Reuters. Zanganeh referred to the previous drop off in its oil exports courtesy of the previous sanctions “history”. “Trump’s decision will not have any impact on our oil export,” the minister said on state television. What the new sanctions will be is not yet known, but previous sanctions on the…

Alberta Tries BC in Court Of Public Opinion Over Trans Mountain

Alberta is trying on for size a new tactic in the fight over Kinder Morgan’s Trans Mountain pipeline that British Columbia is dead set against: a billboard campaign set to sway public opinion. The location of the billboards: British Columbia. The almost billion-dollar ad campaign will focus on the positive aspects of the connection between the oil sands and the Pacific. Well over half of that spend will be for billboards in British Columbia, according to Alberta Premier Rachel Notley—the very province that has become the bane of existence…

Crude Oil Draw Set To Improve Bullish Sentiment

After the much-awaited news regarding U.S. sanctions on Iran today, the American Petroleum Institute (API) reported a draw of 1.85 million barrels to the U.S. crude oil inventories for the week ending May 4, compared to analyst expectations that this week would see a smaller draw in crude oil inventories of 719,000 barrels. Last week, the American Petroleum Institute (API) reported a large build of 3.427 million barrels of crude oil. The API also reported a draw in gasoline inventories for week ending May 4, to the tune of 2.055 million barrels—a…

Oil Prices Rise Despite Rig Count Gains

US drillers added 11-rigs to the number of oil and gas rigs this week, according to Baker Hughes, adding 9 active oil rigs and 1 active gas rig, with an addition of 1 miscellaneous rig. Meanwhile, neighboring Canada lost 7 rigs for the week, after shedding hundreds rigs (seasonal effects) in the last couple of months. Both the Brent and WTI benchmark were trading up on the day earlier on Friday, supported by the Iran nuclear sanctions issue that is set to come to a head on May 12, and falling production in Venezuela that is expected to continue…

Platts: Venezuela’s Oil Production Is Set To Fall Further

Venezuela’s crude oil production is set to fall further in the coming months, up to another 200,000 barrels per day, according to a source inside Venezuela’s oil industry, according to S&P Global Platts. Venezuela’s oil production has already taken one on the chin, losing millions of barrels per day coming off a 1997 high of over 3.0 million bpd (EIA.gov). According to OPEC’s Monthly Oil Market Report, Venezuela’s production February 2018 oil production is 1.548 million bpd—the most current data available…

IMF Issues Censure Against Venezuela

The International Monetary Fund threatened to bar Venezuela from voting on IMF policies after the Latin American country failed to provide IMF with the economic data it has requested, the IMF said in a statement on Wednesday. The statement was issued after the IMF Executive Board determined at a Wednesday meeting that Venezuela had failed to meet remedial measures that were approved late last year that required Venezuela to provide the IMF with the data it requires. In November, the IMF found that Venezuela was in “breach” of its obligation…

Oil Crumbles As API Reports Large Crude Build

With oil prices already down on the day, the American Petroleum Institute (API) reported a large build of 3.427 million barrels of United States crude oil inventories for the week ending April 27, compared to analyst expectations that this week would see a smaller build in crude oil inventories of 739,000 barrels. Last week, the American Petroleum Institute (API) reported a draw of 1.099 million barrels of crude oil. The API reported a build in gasoline inventories for week ending April 27 in the amount of 1.602 million barrels—a surprise…

Oil Prices Rise As Israeli PM Calls Iran Liar Over Nuclear Weapons Status

Oil prices inched higher on Monday after Israeli Prime Minister Benjamin Netanyahu claimed that Israel had proof that Iran lied about its nuclear weapons program. The Brent Crude benchmark fell to $72.91 early on Monday, but rallied to as high as $75.34 in later-day trading after Netanyahu cited thousands of documents that Israel had obtained which showed Iran had lied repeatedly and “brazenly.” In a succinct phrase that’s more indicative of U.S. President Donald Trump, Netanyahu said in a televised address “I’m here…

Oil Markets React Stoically To Rising Rig Count

US drillers added 8-rigs to the total number of oil and gas rigs this week, according to Baker Hughes, adding 5 oil rigs and 3 gas rigs. Meanwhile, neighboring Canada lost 5 oil rigs and 3 gas rigs for the week, after shedding hundreds of rigs in the in the last couple of months. While oil prices are up on the month, both the Brent and WTI benchmark were trading down on the day in morning trading as the dollar rose but began paring some of those losses in the early afternoon. Still, support for the higher oil prices remain as worry over Iranian…

Pemex Resigned To Hold Auctions For Just 7, Not 160 Oil Projects

Pemex will seek offers for the tender of just seven onshore areas, according to an announcement by Mexico’s regulator, the National Hydrocarbons Commission. The auction, scheduled for October 31, will leave Pemex with a 45-percent stake in each project. The seven blocks up for grabs is a significant stepdown from its more ambitious plans from mid-2017, where it was considering putting 160 onshore/offshore areas on the block. But that plan turned out to be a bit too ambitious, and had disappointing turnouts. In October 2017, the farm-out auction…

Permian On Track To Become Largest Oil Basin In The World

The Permian Basin has long been touted as the fastest growing shale play in the United States, but now its oil-producing prowess is being highlighted again as the Energy Information Administration forecasts the prolific basin’s May production to be 3.183 million bpd—an expected 73,000 bpd rise from April. The Permian play may very well, as Bloomberg Markets suggests, become the largest oil patch in the world over the next decade. If The Permian Was Part of OPEC The United States is quickly become a major contender for top oil producer…

Two Chevron Employees Could Face Treason Charges

Two Chevron Corp. workers arrested in Venezuela last week could face treason charges, according to sources quoted by Reuters on Monday. The draft charges that used the word treason, seen by Chevon’s own lawyers last week, may put Chevron squarely in the middle of the escalating feud between PDVSA and foreign oil companies at best, and between the Trump Administration and Maduro’s socialist regime at worst. The employees, who oversaw the Petropiar project co-owned by PDVSA and Chevron, were jailed when they allegedly refused to sign…

French Total Willing To Tough It Out in Venezuela

French Total is sticking it out in Venezuela despite a near-economic collapse in the Latin American company, Total’s Chief Executive Officer Patrick Pouyanne said at an oil summit in Paris on Thursday. Horus after this statement, the European Union said it may impose even more sanctions on Venezuela unless there was a consensus on the “conditions for a credible and inclusive electoral process.” The French oil major is one of many who have operated in Venezuela, including British Petroleum, ExxonMobil, Chevron Corp, Eni, ConocoPhillips,…

Poll Shows Most Canadians Support Trans Mountain

A bitter battle over Kinder Morgan’s US$5.8 billion Trans Mountain pipeline which has played out in the public has resulted in an increase in the amount of support the pipeline is getting, according to a new poll. Two out of three Canadians now feel that the British Columbian government is wrong in its stance against Kinder Morgan’s Trans Mountain pipeline, according to a new poll by Angus Reid Institute—a 10 percent increase over the same poll taken in February. The poll shows that 64 percent of Canadians feel that the B.C. government…

Oil Prices Head Higher After API Reports Crude Inventory Draw

The American Petroleum Institute (API) reported a draw of 1.047 million barrels of United States crude oil inventories for the week ending April 13, largely in line with analysts who had anticipated a draw in crude oil inventories of 1.429 million barrels. Last week, the American Petroleum Institute (API) reported surprise build of 1.758 million barrels of crude oil. The API reported a draw for gasoline inventories as well for week ending April 13, in the amount of of 2.473 million—a surprise given the small 227,000-barrel draw that analysts…

BP To Keep Greenhouse Gas Emissions Steady, Environmentalists Unimpressed

BP is making preparations for a lower carbon future, and is keeping its greenhouse gas emissions either at or below the levels it saw in 2015, according to a new report, “Advancing the Energy Transition”, but its plan is failing to impress environmentalists, according to The Guardian. The report, published on Monday, details BP’s plans for reducing its pollution levels—especially its methane levels, from its operations. Unlike its Shell counterpart, BP is not planning to make a big play in renewable energy. Instead, BP’s…

The World’s Most Profitable Oil Major

For decades, giant Aramco has been a financial enigma, but the curtains have now been pulled back thanks to some anonymous sources revealed to Bloomberg. Analysts and traders have for decades tried their hand at figuring out the size of Aramco. From its oil reserves to profit, to breakevens per barrel—it has managed to keep the information away from an eager public. But now, sources presumably close to the small Aramco in-crowd have revealed that H1 2017 net income came in at a whopping $33.8 billion for the oil giant. This figure exceeds…

U.S. Rig Count Climbs As Oil Rallies

Baker Hughes reported a 5-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 1008, which is an addition of 161 rigs year over year. The number of oil rigs in the United States increased by 7 this week, for a total of 815 active oil wells in the US—a figure that is 132 more rigs than this time last year. The number of gas rigs fell this week, still at 192; 30 rigs above this week last year. The oil and gas rig count in the United States has increased by 85 in 2018. While US drillers…

Venezuela’s Oil Production Falls Further, No Turnaround In Sight

The doom and gloom forecasts for Venezuela’s oil production are about to get a bit gloomier. And since 95% of Venezuela’s export revenues come from oil, as things get more abysmal for its oil industry, things get more abysmal for the country as a whole. In today’s Monthly Oil Market Report published by OPEC, according to secondary sources, Venezuela’s production fell by 55,000 barrels per day in March, to 1.488 million bpd. According to the report, Venezuela’s self-reported production fell by a greater amount—77,000…

Aramco Inks $44 Billion Downstream Deal In India

Saudi Aramco and India’s Ratnagiri Refinery & Petrochemicals signed a deal on Wednesday to construct a $44 billion refinery and petrochem project in India. The refinery portion, to be located on India’s West Coast, will be able to refine 1.2 million barrels per day, and goes a long way towards satisfying both India’s and Saudi Arabia’s interests. Saudi Arabia and the Indian consortium known as Ratnagiri Refinery & Petrochemicals, will each hold a 50 percent stake in the venture. Other reports have the capacity pegged…

Oil Prices Slip After API Reports Surprise Crude Inventory Build

The American Petroleum Institute (API) reported a surprise build of 1.758 million barrels of United States crude oil inventories for the week ending April 6, after analysts had anticipated a draw in crude oil inventories of 189,000 barrels. Last week, the American Petroleum Institute (API) reported surprise draw of 3.28 million barrels of crude oil. The API reported this week a build for gasoline for week ending April 6 of 2.005 million in gasoline stockpiles—another surprise given the 1.425-million-barrel draw that analysts had expected.…

Will Shale Become The Next Victim Of The China-US Trade War?

One can hardly call it a trade war just yet—posturing for a trade war may be a more apt label—but the U.S. Shale industry, which has enjoyed a mighty good run in the last year, may soon find itself the next target as China and the United States face off in the fight to flesh out new trade terms. Not a day has gone by in the last couple of weeks without hearing the latest round of threats, promises—and analysis of said threats and promises—as the Trump administration clamors for better trading terms between the two nations.…

Oil Prices Bristle As U.S. Rig Count Climbs

Baker Hughes reported a 10-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 1003, which is an addition of 164 rigs year over year. The number of oil rigs in the United States increased by 11 this week, for a total of 808 active oil wells in the US—a figure that is 136 more rigs than this time last year. The number of gas rigs held steady this week, still at 194; 29 rigs above this week last year. The oil and gas rig count in the United States has increased by 80 in 2018. While US…

Venezuelan Crude Exports To U.S. Gulf Coast Refiners Plunge

Gulf Coast Refineries in the United States are importing crude oil from other countries in order to insulate themselves from possible US-imposed sanctions on Venezuela. Using data compiled in part from the EIA, S&P Global Platts reported on Wednesday that for the month of January 2018, just five US Gulf Coast refineries imported a whopping 92 percent of all Venezuelan crude oil that comes into the United States. The five refineries—which include Chevron’s Pascagoula refinery, Citgo’s Lake Charles and Corpus Christi refineries,…

Iraq Unveils Plan To Diversify Away From Oil

Iraqi Prime Minister Haider Al Abadi on Sunday unveiled an ambitious plan to end its dependence on oil through building up its private sector over the course of just five years. The plans are reminiscent of Iraq’s earlier plans to shift away from oil and towards the industrial sector, which were discussed in mid-2013. At the time, the plan faced many headwinds, including political discord and disruptive sectarian violence. “The government made a decision to focus on other sources in the country instead of oil, so the new plan will basically…

US Oil Rig Count Dips As Prices Rise

Baker Hughes reported a 2-rig decrease to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 993, which is an addition of 169 rigs year over year. The number of oil rigs in the United States decreased by 7 this week, for a total of 797 active oil wells in the US—a figure that is 135 more rigs than this time last year. The number of gas rigs rose by 4 this week, and now stands at 194; 34 rigs above this week last year. The oil and gas rig count in the United States has increased by 69 in 2018. While…

Oil Falls After API Reports Major Surprise Crude Inventory Build

The American Petroleum Institute (API) has reported a major surprise build of 5.321 million barrels of U.S. crude oil inventories for the week ending March 23, with the market expected to respond by erasing last week’s gains. Analysts had been expecting little change after last week saw a surprise draw. This week’s API data also show a 1.655-million crude inventory build at Cushing, but gasoline and distillates saw a big draw. The API reported a gasoline draw of 5,799 million barrels, and a distillate draw of 2.23 million barrels. Last…

Oil Prices Steady After API Reports Smaller Than Expected Build

The American Petroleum Institute (API) reported a moderate build of 1.156 million barrels of United States crude oil inventories for the week ending March 9, according to the API data. Analysts had expected a build of 2.023 million barrels in crude oil inventories. Last week, the American Petroleum Institute (API) reported a huge build of 5.661 million barrels of crude oil, with a draw for gasoline that saw an inventory shed of 4.536 million barrels for the fuel. This week, the API reported a smaller build for crude oil, and another draw for gasoline.…

U.S. Oil Rig Count Falls As Gas Rig Count Soars

Baker Hughes reported another 3-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 984, which is an addition of 216 rigs year over year. Despite the overall increase, the number of oil rigs in the United States decreased by 4 this week, for a total of 796 active oil wells in the US—a figure that is 179 more rigs than this time last year. The number of gas rigs rose by 7 this week, and now stands at 188; 37 rigs above this week last year. The oil and gas rig count in the United States…

Oil Prices Fall After API Reports Major Crude Build

The American Petroleum Institute (API) reported a huge build of 5.661 million barrels of United States crude oil inventories for the week ending March 2, according to the API data. Analysts had expected a build of 2.723 million barrels in crude oil inventories. Last week, the American Petroleum Institute (API) reported a build of 933,000 barrels of crude oil. Last week’s API report showed a build in gasoline inventories of 1.914 million barrels. This week, the API reporting a build for crude oil, but a draw for gasoline, possibly dampening…

U.S. Rig Count Inches Higher As Canadian Rig Count Slips

Baker Hughes reported another 3-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 981, which is an addition of 225 rigs year over year. The number of oil rigs in the United States increased by a single rig this week, and now stands at 800, or 191 over this time last year. The number of gas rigs, which rose by 2 this week, now stands at 181, or 35 rigs above this week last year. Canada lost another 4 rigs this week after losing 12 last week. The losses were 6 for gas, while oil gained 2.…

Surprise Crude Draw Lifts Hope For Oil Market

The American Petroleum Institute (API) reported a small draw of 907,000 barrels of United States crude oil inventories for the week ending February 16, according to the API data. Analysts had expected a small build of 1.333 million barrels in crude oil inventories, instead. Last week, the American Petroleum Institute (API) reported a build of 3.947 million barrels of crude oil, along with a build in gasoline inventories of 4.634 million barrels. This week’s data is more optimistic, with the API reporting not only a surprise draw for crude…

Oil Rig Count Rises As Prices Recover

Baker Hughes reported a 7-rig increase to the number of oil rigs this week, with a decrease of 7 gas rigs for the reporting period. The result of no increase or decrease to the number of oil and gas rigs this week will likely come as a slight reprieve to battered traders who took it on the chin last week as oil prices plummeted. The total number of oil and gas rigs holds steady at 975, which is an addition of 2224 rigs year over year. The number of oil rigs in the United States stands at 798, or 201 over this time last year. The number of gas rigs,…

Venezuela Looks For Other Markets As U.S. Considers Oil Embargo

Venezuela is going to shop around for other buyers of its crude oil, should the United States make good on its threat to impose an oil embargo on the troubled Latin American country, President Nicolas Maduro said on Thursday. Those comments come after U.S. Secretary of State Rex Tillerson’s Latin American tour that was supposed to garner support for the United States’ stance on Maduro’s oppressive regime. “If the US puts an oil embargo on us, we will take our boat and go somewhere else,” Maduro said. While in Argentina,…

Oil Prices Fall After API Reports Crude, Gasoline Build

The American Petroleum Institute (API) reported a build of 3.947 million barrels of United States crude oil inventories for the week ending February 9, according to the API data. Analysts had expected a smaller build of 2.825 million barrels in crude oil inventories. Last week, the American Petroleum Institute (API) reported a build of 1.050 million barrels of crude oil, along with a draw in gasoline inventories of 227,000 barrels. This week’s data paints an uglier picture, with the API reporting not only a higher than expected build for…

Oil Prices Tank As U.S. Drillers Add Massive Number Of Rigs

As if the recent nosedive that oil prices have taken in the last few days wasn’t bad enough—Baker Hughes reported a staggering increase to the number of rigs. The number of active oil and gas rigs increased by 29 to Baker Hughes data. This brings the total number of oil and gas rigs to 975, which is an addition of 234 rigs year over year. The number of oil rigs in the United States rose this week by 26 with the number of gas rigs increasing by 3. The number of oil rigs now stands at 791 versus 591 a year ago. The number of gas rigs…

Oil Prices Inch Higher After API Reports Surprise Crude Draw

The American Petroleum Institute (API) reported a surprise draw of 1.050 million barrels of United States crude oil inventories for the week ending January 30, according to the API data. Analysts had expected a build of 3.189 million barrels in crude oil inventories. Last week, the American Petroleum Institute (API) reported a build of 3.229 million barrels of crude oil, along with a hefty increase in gasoline inventories of 2.692 million barrels. But this week the news is much rosier, with the API reporting not only a draw for crude oil, but for…

The Oil Rig Count Rises Once Again

The number of active oil and gas rigs decreased this week, according to Baker Hughes data, by a single rig. This brings the total number of oil and gas rigs to 946, which is an addition of 217 rigs year over year. Still the number of oil rigs in the United States rose this week, by 6, with the number of gas rigs decreasing by 7. The number of oil rigs stands at 765 versus 586 a year ago. The number of gas rigs in the U.S. now stands at 181, up from 145 a year ago. At 12:14pm EST, the price of a WTI barrel was trading down $1.02 (-1.55 percent)…

Oil Prices Head Lower After API Reports Crude Inventory Build

The American Petroleum Institute (API) reported a moderate build of 3.229 million barrels of United States crude oil inventories for the week ending January 23, according to the API data. Analysts had expected only a small build of 126,000 barrels in crude oil inventories. Last week, the American Petroleum Institute (API) reported a surprise build of 4.755 million barrels of crude oil, along with a hefty increase in gasoline inventories of 4.117 million barrels. This week, the API is reporting another build in gasoline inventories, this time of…

U.S. Rig Count Rises As Oil Holds Firm

The number of active oil and gas rigs rose this week, according to Baker Hughes data, increasing by 11 total rigs. This brings the total number of oil and gas rigs to 947, which is an addition of 235 rigs year over year. The number of oil rigs in the United States rose by 12 this week after falling last week. The number of gas rigs decreased by a single rig. The number of oil rigs stands at 759 versus 566 a year ago. The number of gas rigs in the US now stands at 188, up 145 a year ago. At 11:19am EST, the price of a WTI barrel was trading up $0.47…

Oil Pares Gains After API Reports Surprise Crude Inventory Build

The American Petroleum Institute (API) reported a surprise build of 4.755 million barrels of United States crude oil inventories for the week ending January 17, ending the streak of seven large draws in the previous seven weeks, according to the API data. Analysts had expected a drawdown of 1.6 million barrels in crude oil inventories. Last week, the American Petroleum Institute (API) reported a huge draw of 5.121 million barrels of crude oil, along with an increase in gasoline inventories of 1.782 million barrels. This week, the API is reporting…

Oil Rig Count Declines Amid Falling Prices

The number of active oil and gas rigs fell this week, according to Baker Hughes data, decreasing by 3 total rigs. This brings the total number of oil and gas rigs to 936, which is an addition of 242 rigs year over year. The number of oil rigs in the United States fell by 5 this week after gaining 10 last week, while the number of gas rigs increased by 2. The number of oil rigs stands at 747 versus 551 a year ago. The number of gas rigs in the US now stands at 189, up 142 a year ago. At 10:11am EST, the price of a WTI barrel was trading down $0.40…

Rig Count Shoots Up As Oil Nears $70

The number of active oil and gas rigs rose this week, according to Baker Hughes data, increasing by 15 total rigs, bringing the total rigs to 939, which is an addition of 280 rigs year over year. The number of oil rigs in the US increased by 10, while the number of gas rigs increased by 5. The number of oil rigs stands at 752 versus 522 a year ago. The number of gas rigs in the US now stands at 187, up 136 a year ago. At 11:35am EST, the price of a WTI barrel was trading down $.34 (-0.53%) to $63.46, while the Brent barrel was trading down $0.30…

Oil Prices Rise After API Reports Staggering Crude Oil Draw

The American Petroleum Institute (API) reported a staggeringly large draw of 11.19 million barrels of United States crude oil inventories for the week ending January 5, marking six large draws in as many weeks, according to the API data. Analysts, had expected a much smaller drawdown of 3.89 million barrels in crude oil. Last week, the American Petroleum Institute (API) reported a large draw of 4.992 million barrels of crude oil, along with an increase in gasoline inventories of 1.87 million barrels. This week, the API is reporting another build…

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

The number of active oil and gas rigs dipped again this week, according to Baker Hughes data, decreasing by 5 rigs, bringing the total rigs to 924 rigs, which is an addition of 259 rigs for the 2017 calendar year. The number of oil rigs in the U.S. decreased by 5, while the number of gas rigs stayed the same. The number of oil rigs stands at 742 versus 529 a year ago. The number of gas rigs in the U.S. now stands at 182, up from 135 a year ago. At 9:52am EST, the price of a WTI barrel was down $.60 (-0.97%) to $61.41, while the Brent barrel was…

Oil Rises As API Reports Major Draw In Crude Inventories

The American Petroleum Institute (API) reported a draw of 4.992 million barrels of United States crude oil inventories for the week ending December 29, marking five large draws in as many weeks. This marks the final inventory count for 2017 from the API. This week brings the total crude oil drawdown for 2017 to over 63 million barrels according to the API. (Click to enlarge) Analysts had expected a smaller drawdown of 5.26 million barrels in crude oil. Last week, the American Petroleum Institute (API) reported a large draw of 6.0 million barrels…

U.S. Rig Count Falls Slightly As Canada’s 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 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. At 10:04pm EST, the price of a WTI barrel was down $0.20 (+0.33%) to $60.04—a…

Oil Prices Inch Lower After API Reports Strong Crude Draw

Oil prices fell on Wednesday from 2.5-year highs in anticipation of the U.S. crude inventory data reports. The American Petroleum Institute (API) reported a draw of 6.0 million barrels of United States crude oil inventories for the week ending December 22, marking four large draws in as many weeks. Analysts had expected a smaller drawdown of 3.97 million barrels of the fuel. Supply risk has increased in 2017 as a side-effect of the OPEC output cut deal, and disruptions now have a much stronger effect on oil prices in a quickly tightening market.…

Oil Prices Stable On Flat Oil Rig Count

The number of active oil and gas rigs rose this week, according to Baker Hughes data, increasing by 1 rig, for a total of 931 rigs currently in operation in the United States—278 rigs above this time last year. The number of oil rigs in the U.S. stayed the same, while the number of gas rigs climbed by 1. The number of oil rigs stands at 747 versus 523 a year ago. The number of gas rigs in the U.S. now stands at 184, up from 129 a year ago. For Canada’s part, the number of oil and gas rigs fell hard, by 28 rigs, with gas and oil rigs…

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