Louisiana Light • 2 days | 73.02 | -0.64 | -0.87% | |||
Bonny Light • 31 days | 78.62 | -2.30 | -2.84% | |||
Opec Basket • 2 days | 73.65 | +0.08 | +0.11% | |||
Mars US • 321 days | 81.76 | +2.02 | +2.53% | |||
Gasoline • 23 mins | 2.052 | -0.008 | -0.39% |
Bonny Light • 31 days | 78.62 | -2.30 | -2.84% | |||
Girassol • 31 days | 79.56 | -1.80 | -2.21% | |||
Opec Basket • 2 days | 73.65 | +0.08 | +0.11% |
Peace Sour • 13 hours | 66.88 | -0.08 | -0.12% | |||
Light Sour Blend • 13 hours | 66.13 | -0.08 | -0.12% | |||
Syncrude Sweet Premium • 13 hours | 70.88 | -0.08 | -0.11% | |||
Central Alberta • 13 hours | 67.88 | -0.08 | -0.12% |
Eagle Ford • 2 days | 67.39 | -0.28 | -0.41% | |||
Oklahoma Sweet • 2 days | 67.50 | -0.25 | -0.37% | |||
Kansas Common • 3 days | 58.02 | +1.10 | +1.93% | |||
Buena Vista • 3 days | 77.67 | +1.10 | +1.44% |
OVO Energy has been ordered…
Oil prices started the week…
Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
Baker Hughes reported on Wednesday that the number of oil rigs in the United States rose by 10 to 241, resuming its climb after a one-week decline last week.
The total number of active oil and gas rigs increased for the week by 10, with oil rigs increasing by 10 and gas rigs rising by 1. Miscellaneous rigs fell by 1 rig.
Total oil and gas rigs in the United States are now down by 482 compared to this time last year.
The EIA’s estimate for oil production in the United States rose again last week as well, to 11.1 million barrels of oil per day in the most recent reporting period, with U.S. production still rangebound sticking below that figure for months.
Canada’s overall rig count rose by 1 this week. Oil and gas rigs in Canada are now at 102 active rigs, and down 24 year on year.
WTI and Brent were both trading up on Friday after the release of the rig count, which came two days early due to the Thanksgiving holiday in the United States.
At 1:43 pm EDT, WTI was trading up 2.87% on the day at $46.20 and up more than $4 per barrel week on week. Brent was trading up 2.36% on the day, at
$49.03, also up more than $4 per barrel on the week.
The main catalyst appears to be positive vaccine news that has even offset the new round of lockdowns due to the coronavirus and API’s reports of increased crude oil stocks in the United States.
Oil demand isn’t expected to rebound significantly until the second half of next year.
ADVERTISEMENT
The frac spread count provided by Primary Vision reported an increase of 8 this week, to 135. The last time the frac spread count was above 135 was back in mid-April.
By Julianne Geiger for Oilprice.com
More Top Reads from Oilprice.com:
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com