The report quoted the company "Baker Hughes" as confirming that the number of oil platforms in the United States decreased by 3 to 180 after rising last week for the first time since January, indicating that the total number of active oil and gas platforms remained stable throughout the week with the decrease in the number of oil platforms. By 3 and increasing the number of gas platforms by 3.
He pointed out that the total oil and gas platforms in the United States have now decreased by 650 compared to this time last year, with the Energy Information Administration's estimates of oil production in the United States remaining unchanged at 10.8 million barrels of oil per day, as oil production in the United States is now reduced by an amount. 2.3 million barrels per day, from an all-time high earlier this year.
The report indicated that the total number of rigs in Canada decreased by two this week after an increase of two last week, pointing out that oil and gas rigs in Canada are currently working through 54 active platforms, explaining that oil and gas rigs in Canada are currently 96 on an annual basis.
On the other hand, regarding prices at the end of last week, oil prices fell yesterday after Hurricane Laura swept the heart of the oil industry in the United States in Louisiana and Texas without causing widespread damage, so companies began to resume activities.
Brent crude for October delivery fell four cents, to settle the settlement price at $ 45.05 a barrel on the day of the contract’s term, and US West Texas Intermediate crude fell seven cents to $ 42.97.
The Crude achieved weekly gains of 1.5 percent and West Texas rose for the fourth consecutive week. The two crudes reached a peak of five months during the week as US producers curtailed crude production before the Laura hit, at rates close to levels that accompanied Hurricane Katrina in 2005.
Jim Ritterbusch, president of Ritterbusch & Co. said, "Oil trading was marked by strong gains over the weekend with a large amount of the storm's price premium being pumped into the market prior to Hurricane Laura, and then followed by a major wiping out of the hurricane's bonus following the storm's arrival as it appeared that the impact was limited on production. Marine crude and refineries activity. "
Eugen Weinberg, an analyst at Commerzbank, said that the market is stuck in an unusually long range of limited fluctuations, and in a contradictory performance with stock markets until the dollar’s decline did not interact with it. There is no pulse in either direction. Like this, especially in light of the volatile situation on the supply and demand levels."
The Hurricane Laura, which lowered its level to a tropical depression, struck early last Thursday, Louisiana, with winds of 240 kilometers per hour, destroying buildings, falling trees, and cutting electricity to more than 650,000 people in Louisiana and Texas, but the refineries did not experience huge torrents.