• 3 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 5 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 1 min Rethinking election outcomes for oil.
  • 6 hours Clean Energy Is Canceling Gas Plants
  • 2 mins The Leslie Stahl/60 Minutes Interview with President Trump
  • 20 mins China leaders meet to discuss proposed 5 year economic plan.
  • 42 mins The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 1 day GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 17 mins America's Frontline Doctors - Safely Start Living Again!
  • 4 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 22 hours Video Evidence that the CCP controls Joe Biden
  • 1 day OP article : "Trump blasts Biden Fracking Plan . . . "
  • 44 mins Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 8 hours Irina Slav has a good article - Regarding Investors & Oil
  • 32 mins Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 1 day Biden denies fracking ban
  • 2 days Is the coal industry on the way out?
The U.S. Has A Major EV Problem

The U.S. Has A Major EV Problem

Insufficient public charging infrastructure is…

The End Of Venezuela’s Oil Era

The End Of Venezuela’s Oil Era

Venezuela, once one of the…

China Sets Its Sights On Global EV Dominance

China Sets Its Sights On Global EV Dominance

China, the world’s largest electric…

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 Inches Higher As Rig Count Continues To Decline

The number of active oil and gas rigs fell again in the United States this week according to Baker Hughes, after a string of losses in the weeks prior, keeping the overall rig count well below year-ago levels for a fourth week in a row.

The total number of active oil and gas drilling rigs in the United States fell by 2 according to the report, with the number of active oil rigs falling 2 to reach 805 and the number of gas rigs holding steady at 183.  

The combined oil and gas rig count is 988, with oil seeing a 39-rig decrease year on year and gas rigs down 16 since this time last year. The combined oil and gas rig count is down 57 year on year.

At 10:43am EST, WTI was trading up slightly $0.05 (+0.08%) at $61.75—up on the day, but down on the week as traders struggle to accurately assess the state of the oil market with Iran sanction waivers ending and the China-US trade war taking a turn for the worse.

The Brent benchmark was trading up $0.21 (+0.30%) at $70.60, down slightly week on week.

While the United States has seen a significant drop in the number of active oil and gas rigs, US oil production continues to rise.  US crude oil production fell slightly for week ending May 3, standing at 12.2 million barrels, easing off last week’s all-time high of 12.3 million barrels per day.

Canada’s rig count increased by 2, with the number of active oil rigs up by 5, and the number of gas rigs holding falling by 3 to reach 41. Canada’s oil rigs are now down 10 year on year, with gas rigs down 6 year on year.

WTI was trading up 0.50% on the day at 1:08pm EST, with Brent up 0.70%.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Robert Gourdie on May 10 2019 said:
    "While the United States has seen a significant drop in the number of active oil and gas rigs, US oil production continues to rise."

    Production may not be increasing. The increasing trend is only suggested by the unreliable EIA weekly data. If you look at the more reliable monthly data, production seems to be on a declining trend over the last couple of months. This declining trend would align with the trend in rig counts reported in this article.
  • Abid Mustikhan on May 10 2019 said:
    Tightening and easing of Sanctions works like a tap controlling the international Oil Price.

Leave a comment




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