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Incredible Weekly Record Gain of Oil Price Surprises Even With Drop in Drilling Rigs in the U.S.!

Written by Douglas Avila

Published on 06/10/2024 at 18:00

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Incredible Weekly Gain in Oil Price Surprises Even with Drop in U.S. Drilling Rigs!

Drop in Drilling Rigs

In an unexpected turn, the total number of active drilling rigs in the United States fell this week, according to recent data from Baker Hughes. The total number of rigs decreased by 2, now totaling 585, compared to 619 at the same time last year. This reduction comes at a time when the oil market is rising.

Details of the Drop

Specifically, oil rigs decreased by 5, totaling 479, a decline of 18 from the previous year. In contrast, gas rigs increased by 3, reaching 102, although they are still 16 below last year’s count. Miscellaneous rigs remained unchanged at 4.

ARTICLE CONTINUES BELOW

Oil Production on the Rise

Despite the reduction in rigs, crude oil production in the U.S. rose in the week ending September 27, according to estimates from the Energy Information Administration (EIA). Current weekly production is only 100,000 barrels per day below the historical record, reaching 13.3 million barrels per day.

Regional Drilling Activity

In the Permian, drilling activity fell by 2, totaling 304, just 5 less than last year. In Eagle Ford, the number remained stable at 48, unchanged from previous weeks, but still 2 below last year.

Impact on Oil Price

Oil prices surged on Friday, driven by fears of Israeli retaliation following Iran’s ballistic missile bombardment. The WTI benchmark rose $1.19, reaching $74.90, a gain of approximately $6.50 per barrel compared to the previous week. Brent also rose $1.06, reaching $78.63, nearly $7 higher than last Friday.

Final Thoughts

This scenario of rising prices, even with the drop in rigs, highlights the complexity of the oil market. Geopolitical factors and adjustments in production continue to strongly influence prices. The current volatility suggests that investors and analysts should remain alert to rapid changes in the global landscape.

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Incredible Weekly Record Gain of Oil Price Surprises Even With Drop in Drilling Rigs in the U.S.!

Drop in Drilling Rigs

Details of the Drop

Oil Production on the Rise

Regional Drilling Activity

Impact on Oil Price

Final Thoughts

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Incredible Weekly Record Gain of Oil Price Surprises Even With Drop in Drilling Rigs in the U.S.!

Drop in Drilling Rigs

Details of the Drop

Oil Production on the Rise

Regional Drilling Activity

Impact on Oil Price

Final Thoughts

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Workers were opening a modern road in Dover when they found, 6 meters below the asphalt, a 3,500-year-old boat made of stitched oak and plant fibers.

Dissatisfied with seeing people sleeping on the street, a man named Ryan Donais started building small mobile homes so that homeless people can escape the cold, each equipped with a bed, running water, electricity, and heating.

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