Oil prices rise as the number of platforms decreases



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Bakken rig

The number of US oil and gas platforms fell 5 this week, according to Baker Hughes, after also losing platforms.

According to the report, the total number of active oil rigs in the United States decreased by 4, to 7844. The number of active gas platforms decreased by 2 to 172. The number various platforms increased by 1.

The total number of oil and gas platforms combined is now 958 for the week, with oil recording a decline of 79 year-over-year platforms and 17 gas platforms since this time last year . The total number of oil and gas platforms combined is down 96 years.

Since the beginning of the year, the number of oil rigs has increased from 858 to 784 since the beginning of the year, while the gas platforms have gone from 187 to 172 during the year. the same period.

Oil prices have seen an exciting week, the prices of crude oil production cuts in the Gulf of Mexico, due to the threat of a tropical storm, as well as increased tensions in the Persian Gulf after the harassment of a British tanker by Iran Guard boats near the Strait of Hormuz.

Today, at 11:30 pm EST, WTI has risen from $ 0.14 (+ 0.23%) to $ 60.34, an increase of more than $ 3 per barrel per week. The benchmark Brent index also rose $ 0.29 (+ 0.44%) to $ 66.81, up more than $ 2 a barrel from last week.

US production rose again for the week ending July 5th, reaching 12.3 million bpd, barely 100,000 bpd from the record 12.4 million bpd.

The total number of rigs in Canada also fell by 3% this week after falling 4 last week. Oil rigs in Canada have decreased by 54% year-on-year and by 26% on gas platforms.

By Julianne Geiger for Oilprice.com

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