• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 2 hours Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 4 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 7 mins Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 1 hour Trump will be holding back funds that were going to W.H.O. Good move
  • 19 hours Mr
  • 55 mins ‘If it saves a life’: Power cut to 1.5 million Californians
  • 16 hours Free market or Freeloading off the work of others?
  • 1 day While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 16 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 17 hours Marine based energy generation
  • 23 hours Which producers will shut in first?
  • 1 day What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
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 Prices Rise Amid Further Rig Count Decline

The US oil and gas rig count fell by 5 this week, according to Baker Hughes, after losing rigs last week as well.

The total number of active oil rigs in the United States fell by 4 according to the report, reaching 784. The number of active gas rigs decreased by 2 to reach 172. Miscellaneous rigs gained 1.

The combined oil and gas rig count is now 958 for the week, with oil seeing a 79-rig decrease year on year and gas rigs down 17 since this time last year. The combined oil and gas rig count is down 96 year on year.

Year-to-date, the oil rig count has fallen from 858 active rigs since the beginning of the year to 784, while gas rigs have fallen from 187 to 172 during that same time.

Oil prices had an exciting week, with prices rising mid-week on crude oil production outages in the US Gulf of Mexico due to the threat of a tropical storm, as well as increased tensions in the Persian Gulf after a British tanker was harassed by Iranian Guard boats near the Strait of Hormuz.

At 11:30pm EST today WTI was up $0.14 (+.23%) at $60.34—up more than $3 per barrel week on week. The Brent benchmark was trading up as well on the day, by $0.29 (+0.44%) at $66.81—up more than $2 per barrel from last week.

US production rose again for week ending July 05 to 12.3 million bpd, just 100,000 bpd off from the all-time high of 12.4 million bpd.

Canada’s overall rig count saw a decrease as well, by 3 this week after decreasing by 4 last week. Canada’s oil rigs are down by 54 year on year, with gas rigs down 26 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




Oilprice - The No. 1 Source for Oil & Energy News