US oil, gas rig count falls for third straight week

Source: ICIS News


HOUSTON (ICIS)--The US oil and gas drilling rig count fell to 913 for the week ending 20 October, down by 15 from the previous week, according to oilfield tool and technology company Baker Hughes on Friday.

Year on year, the count is up by 360 rigs, Baker Hughes said.

Crude futures managed to finish up at the end of an extremely volatile session in response to reports that oil producers had cut the number of drilling rigs for the third consecutive week.

Instability in the Middle East and the risk of supply disruptions continued to provide support, but a stronger dollar driven by potential tax reform in the US adversely impacted the price of dollar-denominated commodities.

Acetic acid is used in oil- and gas-well stimulation to enhance productivity. Triethylene glycol (TEG) is used in gas delivery pipes to prevent gas from freezing in the winter. It is also used in the oilfield sector to help extract natural gas.

Major acetic acid producers in the US include Celanese, Eastman Chemical and LyondellBasell.

Major glycol producers in the US include Eastman Chemical, Huntsman, Indorama Ventures, LyondellBasell, Nan Ya Plastics, Shell Chemical and MEGlobal.