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Oil Prices Rise On Surprise Crude Draw

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.

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U.S. Oil Rig Count Rises – Up 125 Since OPEC Deal

The number of active oil and gas rigs in the United States increased again, although modestly, on Friday by 3. Both benchmarks were trading down earlier on Friday despite reports of OPEC/non-OPEC compliance of 86 percent, along with Thursday’s EIA inventory data that showed another week of record-high crude oil inventories of 518.7 million barrels.

The total number of active oil and gas rigs in the United States is now 754, according to oilfield services provider Baker Hughes, which is 252 rigs above the rig count a year ago.

The number of oil rigs increased this week by 5, up from 597 last week to 602 this week. The number of active oil rigs in the United States is now the highest since October 09, 2015.

Oil rigs have increased by 125 since the OPEC agreement was announced on November 30, as US drillers are continuing to gain as OPEC continues to hold its members largely to specified production caps.



The number of gas rigs declined by 2 this week, and now stand at 151, ending a fourteen-week streak of no losses.

Oil and gas rigs increased in the Permian, Eagle Ford, Cana Woodford, and Haynesville basins, and decreased in the Granite Wash and Williston basins.

In Canada, the rig count climbed by 10 to 341—166 rigs more than this time last year—partially offsetting last week’s 21-rig decrease.

At 11:17 am EST WTI was trading down 0.64% at $54.10—around $1.00 higher last Friday’s pre-rig count price. The Brent crude benchmark was trading down 0.83% at $56.11—more than $.60 above the price point last Friday.

By 1:12pm EST, WTI was down further at $54.05, while Brent was up slightly over pre-rig count levels to $56.16.

By Julianne Geiger for Oilprice.com

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Leave a comment
  • Dan on February 24 2017 said:
    I wouldn't think that should be an issue considering the length of time rig counts were down while production remained high. Certainly depletion rates were much higher therefore generating a need for higher rig counts. Once you take it out, its gone for good.
  • Leo on February 24 2017 said:
    US shale producers are parasites with no shame who mooch off the OPEC cuts, they should be forced to cut their production also
  • Tony on February 24 2017 said:
    @Leo. Are you a Communist?

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