• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 15 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 2 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 6 hours Wind droughts
  • 5 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Xi Is Set To Be Re-Elected As China’s Leader
  • 9 days Oil Prices Fall After Fed Raises Rates
  • 4 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 hours Australian power prices go insane
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 hours Europeans and Americans are beginning to see the results of depending on renewables.
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Rig Count Inches Higher As Prices Stabilize

Baker Hughes reported that the number of oil and gas rigs in the US held fast yet again this week at 790, with the total oil and gas rig falling 261 over the last 52 weeks.

The number of oil rigs increased for the week, by 2 rigs, according to Baker Hughes data, bringing the total to 678—a 179-rig loss year over year.

The total number of active gas rigs in the United States fell by 1 according to the report, to 110. This compares to 194 a year ago. 

The miscellaneous rig count fell by 1 this week as well, bringing the total number of miscellaneous rigs to 2.

Meanwhile, oil production ticked back up to 13 million bpd after its slight dip last week,  according to data provided by the Energy Information Administration. The 13 million bpd figure represents a high for the United States.

The number of rigs in the most prolific basin, the Permian, rose by 3 this week to 408, compared to 473 rigs one year ago. The second largest basin, the Eagle Ford, saw no change in the number of active rigs.

The WTI benchmark at 12:30pm was trading at $51.71 (+0.56%) per barrel—roughly $1.20 per barrel above last week levels as travel restrictions within, to, and from China continues to threaten oil demand. The Brent benchmark was trading at $56.86 (+0.92%)—roughly $2 per barrel above last week’s levels. Despite this week’s price rise, oil prices are still off by double digit percentages from the start of the year, as traders weigh the likelihood of further meaningful action to address the coronavirus’ effect on the supply and demand balance.

Canada’s overall rig count decreased by 2 rigs this week, to a total of 255 rigs. Oil and gas rigs in Canada are now up 31 year on year. 

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News