US weekly oil gas rig count rises for second straight week

08 September 2017 21:55 Source:ICIS News

HOUSTON (ICIS)--The US oil and gas drilling rig count rose to 944 for the week ending 8 September, up by one from the previous week, according to oilfield tool and technology company Baker Hughes on Friday.

Year on year, the count is up by 436 rigs, Baker Hughes said.

Crude futures fell sharply on pre-weekend selling despite a weaker dollar, which normally attracts buying. With the US east coast, mainly the state of Florida, preparing for a direct hit from powerful Hurricane Irma, concerns regarding a plunge in energy demand resulted in a round of length liquidation.

At the same time, the market continued to factor in the recovery in the Gulf coast from the disruptions caused by Hurricane Harvey. 

Acetic acid is used in oil- and gas-well stimulation to enhance productivity. 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.

By Tarun Raizada