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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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Oil Prices Bristle As U.S. Rig Count Climbs

Oil Prices Bristle As U.S. Rig Count Climbs

Baker Hughes reported a 10-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 1003, which is an addition of 164 rigs year over year.

The number of oil rigs in the United States increased by 11 this week, for a total of 808 active oil wells in the US—a figure that is 136 more rigs than this time last year. The number of gas rigs held steady this week, still at 194; 29 rigs above this week last year.

The oil and gas rig count in the United States has increased by 80 in 2018.

While US drillers seem determined to add rigs, Canada continued its brutal losing streak, with a decrease of 23 oil and gas rigs, after losing 168 rigs last week in the four weeks prior. At just 111 total rigs, Canada now has 21 fewer rigs than it did a year ago.

Oil prices were trading down on Friday, with West Texas Intermediate trading down $0.27 (-0.42%) at $63.27 at 9:17am EST. The Brent benchmark was trading down $.011 (-0.16%) at $68.22. Price pressures persisted on Friday as the China and US trade tiff heated up, with President Trump announcing billions in additional tariffs in a tit-for-tat measure after China’s latest round of tariffs. Also weighing on prices this week is the ever-present threat of climbing US crude oil production, which rose again in the week ending March 30, reaching 10.460 million bpd—the sixth build in as many weeks—well on its way to the 11 million bpd mark that analysts see coming in 2018.

At 8 minutes after the hour, WTI was trading at $62.41 (-1.78%) and Brent was trading at $67.43 (-1.32%).

By Julianne Geiger for Oilprice.com

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  • John Brown on April 06 2018 said:
    Big surprise! With WTI at $65 of course U.S. rig count increased. Duh! Let's hope that OPEC/Russia keep idling enough capacity to keep the price for WTI in the $60s. That means U.S. production will continue to rip, and it gives a nice window of renewables like solar a window to continue growing as they work to lower their cost. Oil & gas simply aren't a scarce resource any longer, and its good for the USA to have this period to get its resources out of the ground and sell it for a profit while OPEC/Russia keep more of their reserves in the ground to prop up the price.
  • Joe on April 08 2018 said:
    Brutal losing streak in Canada? I have twice reminded the Oilprice authors that “Breakup” Is occurring in Canada. . The rigs get racked until the frost is out of the ground and drying conditions allow rigs to move again. Brutal.

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