In the week ended November 3, 2017, the number of rigs drilling for oil in the United States totaled 729, eight fewer compared with the prior week and up by 279 compared with a total of 450 a year ago. Including 169 other rigs drilling for natural gas, there are a total of 898 working rigs in the country, 11 fewer week over week and up by 329 year over year. The data come from the latest Baker Hughes North American Rotary Rig Count released on Friday.
West Texas Intermediate (WTI) crude oil for December delivery settled at $54.54 a barrel on Thursday and traded up about 0.8% Friday afternoon at $55.00.
The natural gas rig count decreased by three to a total of 169 this week. The count for natural gas rigs is now up by 52 year over year. Natural gas for December delivery traded up about 2% at around $2.99 per million BTUs before the count was released and moved up a penny following the report’s release.
The January delivery price for Brent crude topped $61 a barrel in Friday’s trading on the Intercontinental Exchange (ICE). Brent traded as high as $61.66 early this week.
The differential between Brent and WTI clocked in at about $6.20 a barrel after the rig count report was released. The wide spread between the two benchmark varieties encourages exporting crude from the United States, particularly to South America and Europe.
Among the states, Colorado and Texas each gained four rigs last week, while Alaska added two new rigs. Oklahoma lost eight rigs, Louisiana lost four rigs, and New Mexico and North Dakota each had two fewer rigs. Utah also lost a rig in the week.
In the Permian Basin of west Texas and southeastern New Mexico, the rig count now stands at 380, one more compared with the previous week’s count. The Eagle Ford Basin in south Texas has 65 rigs in operation, unchanged week over week, and the Williston Basin (Bakken) in North Dakota and Montana now has 48 working rigs, down one for the week.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.