• 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 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days They pay YOU to TAKE Natural Gas
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days What fool thought this was a good idea...
  • 5 hours A question...
  • 5 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 11 days The United States produced more crude oil than any nation, at any time.
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

U.S. Sees Unchanged Oil Rig Count As Canada Boasts 19 New Oil Sites

Oil rigs

Friday’s Baker Hughes report heralded the end of eight straight weeks of U.S. oil rig gains, which boasted a net change of zero, hopefully subduing, even if just for a day, the volatile oil market that seems to hang on—or sway with—every API or EIA report, and every word from OPEC’s, Saudi Arabia’s or Iran’s mouth.

Meanwhile, Canada saw an increase of 25 oil and gas rigs this week, with a total of 146 sites now in operation. This week last year, the nation had in operation 196 rigs.

Most of the Canadian growth was seen in the oil count, which saw a 19 rig increase. The remaining six rigs contributed to the gas count. Canada’s oil rig count has been rising for the most part since the beginning of April, when it reached a low of just eight operational oil rigs—it now has reached a total of 84.

ZeroHedge noted that the rig count brought a “small lift” to Brent barrel prices, though the price stood at $49.61 at the time of the article’s writing – six cents lower than when markets opened Friday morning.

The U.S. lost two gas rigs last week, after two weeks of no movement on the domestic count, which now stands at 81.

Last week, all ten added rigs extracted oil, which brought the oil rig count above 400 for the first time since February.

Exactly one year ago, the U.S. hosted 675 active oil rigs and 202 gas rigs.

By Zainab Calcuttawala 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