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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

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U.S. Oil Rig Count Continues To Collapse

Bakken

The number of active oil and gas rigs in the United States fell this week by 8 rigs.

The total oil and gas rig count in the United States now stands at 936 rigs, up 430 rigs from the year prior, with the number of oil rigs in the United States decreasing by 7 this week and the number of gas rigs decreasing by 1. Canada, meanwhile, added 10 oil rigs for the week ending September 15.

Oil rigs in the United States now number 749—333 rigs above this time last year.

Although the number of oil rigs are still up significantly year on year, the increases slowed in the second quarter, and have reversed in the third. The first quarter 2017 saw 137 oil rigs added in the United States, while the second quarter 2017 saw 97 rigs added. In stark contrast, the third quarter, for which there are still two weeks to go, has seen the total number of rigs decrease by 7.

The spot price for WTI fell earlier on Friday, down 0.16 percent to $49.81 at 11:53am. Brent crude, however, was trading up 0.27 percent on the day at $55.62.

Prices have been volatile in August and so far in September, with WTI going as low as $45.58 on August 31, and as high as $50.50, which it reached yesterday—the highest level we’ve seen in six weeks—as global production declined 720,000 barrels per day in August compared to July, according to OPEC’s Monthly Oil Report. It was the first drop in four months.

(Click to enlarge)

At 10 minutes after the hour, WTI was trading at $49.69 with Brent crude trading at $55.40.

By Julianne Geiger for Oilprice.com

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  • Pablo Chavez on September 15 2017 said:
    Drilling shale wells is like a box of chocolates, at 10K ft down you never know what yer gonna get.
  • Douglas on September 15 2017 said:
    Really? Collapse? Little over dramatic with the headline don't ya think.
  • drsaad786 on September 16 2017 said:
    Shale was always an exaggerated lie. It is a good technology but it's significance is blown way out of proportion. Shale companies lied to the investors to get funding and the corporate media played along. Even EIA is still exaggerating the shale output which is obvious in the difference between it's weekly and monthly estimates. And people still think that lots of DUC's that are there will eventually increase output. Those are first of all too expensive to complete at this price. Secondly, they are in place so that once the output from existing Wells decline, they could start those to just maintain output, not increase it too much. Think about taps in a tank, the more taps you open the quickly the tank empties and it's more difficult to get more out of the tank with time. Plus the taps start effecting each others performance as is evident with more gas to oil ratios and faster depletion due to lots if Wells in one area.

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