• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 1 hour Satellite Moons to Replace Streetlamps?!
  • 17 hours US top CEO's are spending their own money on the midterm elections
  • 2 hours EU to Splash Billions on Battery Factories
  • 3 hours U.S. Shale Oil Debt: Deep the Denial
  • 3 hours The Balkans Are Coming Apart at the Seams Again
  • 19 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 3 hours The Dirt on Clean Electric Cars
  • 1 day Petrol versus EV
  • 14 hours Uber IPO Proposals Value Company at $120 Billion
  • 17 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 5 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 20 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 21 hours 10 Incredible Facts about U.S. LNG
Alt Text

U.S-Saudi Clash Could Spell Disaster For OPEC

The Khashoggi case could have…

Alt Text

Coal Use Rises As Renewables Fall In U.S. Electricity Generation

Though renewables for electricity generation…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

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.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


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




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