• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 5 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 11 hours How many drilling sites are left in the Permian?
  • 1 min End of Sanction Waivers
  • 7 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 3 hours "Undeniable" Shale Slowdown?
  • 2 days Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 8 hours Case against Trans Mountain Begins
  • 7 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 4 hours Climate Change Protests
  • 5 hours Gas Flaring
  • 8 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 7 hours China To Promote Using Wind Energy To Power Heating
  • 1 day Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 9 hours Oil at $40

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

Shale Jobs In Jeopardy Despite Oil Price Rally

Oil prices continue to rally,…

Alt Text

Shell Ventures Into China’s Shale Oil

Oil supermajor Shell has signed…

Alt Text

Nigeria Boasts Oil Production Cost of $23 Per Barrel

The average production cost for…

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.

More Info

Trending Discussions

U.S. Oil Rig Count Falls As Gas Rig Count Soars

Baker Hughes reported another 3-rig increase to the number of oil and gas rigs this week.

The total number of oil and gas rigs now stands at 984, which is an addition of 216 rigs year over year.

Despite the overall increase, the number of oil rigs in the United States decreased by 4 this week, for a total of 796 active oil wells in the US—a figure that is 179 more rigs than this time last year. The number of gas rigs rose by 7 this week, and now stands at 188; 37 rigs above this week last year.

The oil and gas rig count in the United States has increased by 60 in 2018.

Canada continued its losing streak, with a decrease of 29 oil and gas rigs for the week. Canada now has fewer rigs than it did a year ago.

Despite multiple bearish events this week, oil prices managed to climb, buoyed in part on Friday by positive job reports and reports about a possible meeting between President Donald Trump and North Korea’s leader, Kim Jong Un.

Neither the threat of steel tariffs—which some analysts opine could increase pipeline and other oil infrastructure costs—nor US crude oil production, which rose again in the week ending March 2nd to 10.369 million bpd, according to the EIA were able to keep oil prices down.

At 11:45 am EST, the price of a WTI barrel was resilient, trading up $1.72 (+2.86%) to $61.84—a significant increase from last week’s prices. The Brent barrel was also trading up on the day, by $1.76 (+2.77%) to $65.37.

Alaska, Louisiana, New Mexico, Oklahoma, and Utah all lost rigs this week, with Texas adding 7 rigs for a total of 490 active rigs—an increase of 98 over this time last year.

At 1:09pm EST, both benchmarks had lost some ground, with WTI trading at $61.77 (+$1.65) and Brent trading at $65.13 (+$1.52).

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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