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Traders Boost Bullish Bets on Oil

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Money managers have become increasingly…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Oil Rig Count Sees Small Jump Amid Crash In Crude Prices

The number of total active drilling rigs in the United States rose by 1 this week, according to new data from Baker Hughes published on Friday.

The total rig count rose to 764 this week—243 rigs higher than the rig count this time in 2021.

Oil rigs in the United States rose by 3 this week, to 602. Gas rigs slipped 2, to 160. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin increased by 1 to 344 this week. Rigs in the Eagle Ford stayed the same at 72. Oil and gas rigs in the Permian are 84 above where they were this time last year. While up year over year, active drilling in the Permian has remained near the current level since mid-May.

Primary Vision's Frac Spread Count, an estimate of the number of crews completing unfinished wells—a more frugal use of finances than drilling new wells—rose by 3 to 287 for the week ending September 16, compared to 280 a month ago and 252 a year ago.

Crude oil production in the United States remained stagnated at 12.1 million bpd for the fourth week in a row for the week ending September 16, according to the latest weekly EIA estimates. U.S. production levels are up 400,000 bpd so far this year and up 1.5 million bpd versus a year ago.

At 9:19 a.m. ET, the WTI benchmark was trading down $2.72 per barrel (3.26%) on the day at $80.77 per barrel—the lowest level for WTI since January and a $5 per barrel dip on the week.

The Brent benchmark was trading down at $87.95 $91.84 per barrel, down $2.51 (3.76%) on the day, and down $4 per barrel compared to this time last Friday. 

WTI was trading at $83.57 minutes after the data release.

By Julianne Geiger for Oilprice.com

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Leave a comment
  • George Doolittle on September 23 2022 said:
    Hardly a crash in my book. US Federal Reserve needs to continue to raise rates is absolutely correct forward guidance as such.

    Might see a crash in gasoline futures trading contracts though. Good luck seeing that trading in diesel fuel tho!

    Futures for jet fuel could absolutely crash tho given the Federal Express disaster now starting to spread Industry wide. Pure BEV Das Auto in the USA has barely begun to have mass sales effect.

    Short Tesla strong sell until Cybertruck comes out. Ford F150 Lightning sales a huge deal going into Year end 2022 as well.

    State of Michigan oil production might suddenly surge at these prices needs noting.

    Plus collapse of Canadian economy into hyperinflation completely ignored here. Really stupid people who write here in point of fact.

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