Higher crude oil prices are a ‘net positive’ for Canada: TD report - BNN Bloomberg

The total number of active drilling rigs for oil and gas in the United States remained unchanged this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 603, up 55 from this same time last year. The number of active oil rigs fell by 3, to 459 during the latest reporting period, according to the data. This is 41 above this same time last year. The number of gas rigs rose by 1 to 133, which is 12 more than this time last year. Miscellaneous rigs rose by 2 to 11. The latest EIA data showed that weekly U. S. crude oil production fell during week ending October 9. US crude oil production averaged 13.679 million bpd during the reporting period, down from 13.979 million bpd last week and up just 43,000 bpd from a year ago. Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, rose again during the week ending October 9—the fifth gain in as many weeks, and up 7 crews from the week prior at 203. The number of active drilling rigs in the Permian Basin fell by 2 during the reporting period, to 272. This is 21 rigs above year-ago levels.

Crude Oil Rallies as U. S. Inventory Draw Outruns Supply ReliefNovember WTI crude oil futures are up sharply for the week through Thursday night. The gain did not come from one headline. The market has spent the week dealing with tanker attacks near the Strait of Hormuz, renewed attacks on Russian refineries, emergency stock releases and fresh talk of legal oil moving on previously sanctioned vessels. The release and shipping headlines gave both sides of the trade something to work with. WTI got the stronger bid when the EIA reported a large U. S. crude draw. Brent held above $100 but could not add to its risk premium. At 21:38 GMT Thursday, November WTI crude oil futures are trading at $97.58, up $5.92 or +6.46% for the week. The contract has traded between $89.61 and $98.32. December Brent crude oil futures are trading near $106 a barrel. The EIA Report Put WTI in FrontThe EIA reported that U. S. crude inventories fell by 8.6 million barrels in the week ended October 9. Traders had expected a draw of only 288,000 barrels. Commercial crude inventories stood at 415.6 million barrels after the draw, still 3% above the five-year average. That is not a supply squeeze.

Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Global diesel shortages persist despite recovering crude exports, as damaged refineries in the Middle East and Russia constrain fuel supplies.