• 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
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
Ecopetrol, Guerillas and Death Squads: The War for Colombia’s Oil

Ecopetrol, Guerillas and Death Squads: The War for Colombia’s Oil

Colombia’s national oil company, Ecopetrol,…

M&A Fever Hits Canada's Oil and Gas Industry

M&A Fever Hits Canada's Oil and Gas Industry

The mergers and acquisitions wave…

Oil Moves Higher on Fuel Inventory Draws

Oil Moves Higher on Fuel Inventory Draws

WTI crude rallied above $86…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

U.S. Oil Rig Count Declining Again After Single-Week Reprieve

Pioneer Drilling

The oil rig count fell again this week from 318 to 316 after last week’s slight reprieve, coming in at the lowest at any point in time since Baker Hughes has been keeping track.

The 2-count loss in the number of active oil rigs was offset by an increase in U.S. gas rigs, up from 85 to 87, holding the total U.S. oil and gas rig count steady at 404.

The U.S. oil rig count fell by two, as reported by Baker Hughes’ latest oil rig count, while the U.S. gas rig count climbed slightly to 87.

This week’s slight fall in the number of active oil rigs comes after last week’s unchanged figures, which was preceded by eight weeks of free-falling. Related: Why $50 Oil Is Here To Stay

The total number of active oil rigs in the US of 316 represents less than 50 percent of last year’s U.S. oil rig count. Baker Hughes total oil and gas rig count for this time last year was 864 rigs. Oil rigs are now 49 percent of what they were a year ago, while gas rigs are 39 percent of what they were a year ago.

In recent weeks, Baker Hughes stated that it did not expect U.S. rig counts to really stabilize until the latter half of the year, and this week’s decline, although slight, supports the notion that last week’s stable figures were clearly temporary.

Prior to the release, FBR Capital Markets analyst Thomas Curran said he expected an uptick to 665 U.S. oil rigs by late 2018, echoing the Baker Hughes’ sentiment that a significant increase is unlikely to be right around the corner. Related: Why Canada’s Oil Sand Producers Will Recover Quickly From The Wildfires

(Click to enlarge)

Image courtesy: Zerohedge

Oil futures continued to trade lower on the news. West Texas Intermediate (WTI) crude futures were down 44 percent to US$49.26 on the New York Mercantile Exchange.

ADVERTISEMENT

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • rjs on May 27 2016 said:
    regards the zero hedge graph...does the rig count really have an 18 month relationship with oil production, or did they just find a place where the upslopes of the two graphs matched and call it a revelation?

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