• 3 minutes Natural gas is crushing wind and solar power
  • 7 minutes OPEC and Russia could discuss emergency cuts
  • 11 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 19 mins So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 5 hours Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 3 hours Blowout videos
  • 1 hour Question: Why are oil futures so low through 2020?
  • 10 hours Charts of COVID-19 Fatality Rate by Age and Sex
  • 3 hours Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 4 hours The Arithmetic Of Fracking
  • 8 hours CDC covid19 coverup?
  • 9 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 17 hours Shorting Gold
  • 1 day Peak Shale Will Send Oil Prices Sky High
  • 2 days Phase One trade deal, for China it is all about technology war
Alt Text

Oil Trading Giant Sees Oil Price Recovery Later This Year

Commodity trading major Vitol said…

Alt Text

Is Oil's Rally Already Over?

Oil futures reversed course on…

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.

More Info

Premium Content

Oil Fears Mount As Rig Count Rises For A Third Straight Week

The U.S. oil and gas rigs count is up today according to today’s Baker Hughes report, marking the third straight week of increases for the oil side of things.

The number of active U.S. oil rigs rose by 9 this week, after rising by 3 last week. The total number of U.S. oil rigs in production as of today’s report is 337. When last week’s report came out with the second straight week of increases, oil prices slid. Despite today’s news—and despite those who are worried that more rigs means more oil, which means lower prices—WTI was up $1.34 to $47.55 as of 2:00pm EST today, over the previous close.

The number of active gas rigs also rose this week, up one from 85 to 86, bringing the total number of active oil and gas rigs to 424.

The increase in the number of rigs, although modest, should come as no surprise—oil prices have shot up almost 80 percent since the dark times of February, and the market is now more attractive.

For those who are afraid that this increase will immediately translate into increased production—and inevitably the end of the oil price rally—it may come as some comfort to know that even though the higher oil prices may indeed entice a few players to ramp up production, it is unlikely that today’s prices, which are still disappointingly shy of the $100 per barrel WTI seen just years ago, will create an instant and massive entry back into the production game.

For the rig count to return to what it was just a year ago, the U.S. oil and gas industry would have to bring 433 more oil and gas rigs online—more than double today’s total.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




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