• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 8 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 5 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 2 days Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 7 mins Hydrogen FTW... Some Day
  • 13 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 5 hours Middle East on brink: Oil tankers attacked off Oman
  • 1 day Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 12 hours Emmissions up, renewables nowhere
  • 1 day Plants are Dying
  • 2 days The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 2 days We Are Better Than This
  • 2 days Never Knew Gasoline Prices were this important!
  • 2 days (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 4 hours Britain makes it almost 12 days with NO COAL
Alt Text

Why The Oklahoma Shale Boom Isn’t Taking Off

Major geological challenges and relatively…

Alt Text

Saudi Arabia Vows To Prevent Oil Crash

Saudi Arabia appears to have…

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

Trending Discussions

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

Trending Discussions


Leave a comment

Leave a comment





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