• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 hours How Far Have We Really Gotten With Alternative Energy
  • 8 days They pay YOU to TAKE Natural Gas
  • 5 days What fool thought this was a good idea...
  • 8 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 3 days A question...
  • 14 days The United States produced more crude oil than any nation, at any time.
High Oil Prices Force Biden Admin to Halt SPR Refill Plans

High Oil Prices Force Biden Admin to Halt SPR Refill Plans

The Biden administration has canceled…

SPR Levels Remain Low

SPR Levels Remain Low

Despite claims, the U.S. has…

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

Bakken rig

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

ADVERTISEMENT

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