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Crude oil in the usa rose 2.1% on Wednesday.
In the early hours of Wednesday Beijing time, the price of USA WTI crude oil futures rose by over 2%. Earlier data showed a surprise decrease in US crude oil and rbob gasoline inventories last week, as well as reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may postpone planned crude oil production increases. The price of West Texas Intermediate (WTI) crude oil futures for December delivery on the New York Mercantile Exchange rose by $1.40, or 2.1%, to settle at $68.61 per barrel, moving away from the lowest closing level since September 26th. Due to reduced risks of Middle East conflict, USA WTI crude oil futures and Brent crude oil futures fell by over 6% earlier this week.
According to EIA, with the fluctuation of natural gas prices, producers often increase or decrease the number of drilling rigs in operation.
Oilfield services company Baker Hughes reported that the number of oil drilling rigs in the United States decreased by 2 this week to 480, a decrease of 24 from a year ago. The number of natural gas drilling rigs increased by 2 to reach 101, down 16 from a year ago. The US Energy Information Administration attributed the decrease in natural gas drilling rigs, especially in the Haynesville area between Texas and Louisiana, to the decline in Henry Hub prices over the past two years. The EIA stated in a report: 'With fluctuations in natural gas prices, producers often adjust the number of rigs in operation. With the decrease in natural gas prices, production in dry gas formations'
This week, the number of oil & gas rigs in the USA remained stable, with a decrease of two rigs in October.
Energy service company Baker Hughes reported on Friday that the number of oil & gas drilling rigs in the US energy companies remained unchanged this week, with a decrease of two in October. Baker Hughes stated that the total number of rigs is still 40 less compared to the same period last year, a 6% decrease. This week, the number of oil drilling rigs decreased by two to 480, while the number of natural gas drilling rigs increased by two to 101. This month, the total number of oil & gas rigs decreased by 2 after increasing by 4 in September. The number of oil rigs increased by 1 in September, then decreased by 4 in October, while the number of natural gas rigs increased in the previous month.
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