US oil gas rig count rises for second straight week

17 November 2017 20:34 Source:ICIS News

HOUSTON (ICIS)--The US oil and gas drilling rig count rose to 915 for the week ending 17 November, up by 8 from the previous week, according to oilfield tool and technology company Baker Hughes on Friday.

Year on year, the count is up by 327 rigs, Baker Hughes said.

Crude futures rose sharply on pre-weekend bargain hunting after posting losses in four out of the previous five sessions. A weaker dollar and a tight distillates market also contributed to the round of buying across the energy complex.

The December WTI contract goes off the board on Monday. Rising US production continues to undermine an OPEC/non-OPEC joint deal to curb output.

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.

By Tarun Raizada