Active Rig Count - Sept. 15
Posted: Fri Sep 15, 2017 4:36 pm
The total U.S. active rig count fell by 8 to 936, following last week's increase of 1, according to the latest weekly survey from Baker Hughes.
Rigs drilling for fell by 7 to 749 for its third decline in four weeks, and gas rigs shed 1 at 186.
West Texas Intermediate crude oil closed at $49.83, while Brent crude settled at $55.51 per barrel. The gap between WTI and Brent has widened because Hurricane Harvey reduced demand for WTI. As the Gulf Coast refineries ramp up, WTI should move closer to Brent.
On NYMEX, the October contract for Henry Hub natural gas closed at $3.035/MMBtu. Heat and humidity has returned to Texas and is spreading across the South. Demand from natural gas fired power plants has increase. Also, the first snow of the season is expected in a wide area of the Rockies.
Rigs drilling for fell by 7 to 749 for its third decline in four weeks, and gas rigs shed 1 at 186.
West Texas Intermediate crude oil closed at $49.83, while Brent crude settled at $55.51 per barrel. The gap between WTI and Brent has widened because Hurricane Harvey reduced demand for WTI. As the Gulf Coast refineries ramp up, WTI should move closer to Brent.
On NYMEX, the October contract for Henry Hub natural gas closed at $3.035/MMBtu. Heat and humidity has returned to Texas and is spreading across the South. Demand from natural gas fired power plants has increase. Also, the first snow of the season is expected in a wide area of the Rockies.