• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 1 min China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 16 hours Iran Is Winning Big In The Middle East
  • 3 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 4 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 2 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 17 hours Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 14 hours Strong, the Strongest: Audi To Join Mercedes, BMW Development Alliance
  • 1 day Trump cancels Denmark visit amid spat over sale of Greenland
  • 17 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 14 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 1 day OPEC will consider all options. What options do they have ?
  • 10 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 13 mins US to Drown the World in Oil
Alt Text

Buying The Dip In The Markets

Worries about the U.S., China…

Alt Text

Shale Bleeds Cash Despite Best Quarter In Years

The second quarter earnings results…

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 On Falling Rig Count

The the number of active oil and gas rigs in the United States fell again this week according to Baker Hughes, as the overall rig count reaches the lowest point since February 2018.

The total number of active oil and gas drilling rigs in the United States fell by 6 according to the report, with the number of active oil rigs falling by 1 to reach 788 and the number of gas rigs decreasing by 5 to reach 181.

The combined oil and gas rig count is 969, with oil seeing a 75-rig decrease year on year and gas rigs down 13 since this time last year. The combined oil and gas rig count is down 90 year on year.

Year-to-date, the oil rig count has fallen from 877 active rigs on January 4 to 788, while gas rigs have fallen from 198 to 181 during that same time.

Despite the 75 oil rig decline year on year, US production continues to climb, with an almost 2 million barrel per day increase for the year.

At 11:33am EST today WTI was up $0.55 (+1.05%) at $52.83.  Although up on the day, WTI is trading down slightly week on week. While fears of a global supply overage linger in the wake of what many feel is faltering demand due to geopolitical issues between China and the United States and the United States and Mexico, the recent attack on two tankers off the coast of Oman has managed to push up prices for the day.

The Brent benchmark was trading up on the day as well, by $0.89 (+1.45%) at $62.20—a slight increase from last week.  

Robust US oil production is also keeping the prices in check, although falling back on June 07 to 12.3 million bpd just a hair under the all-time high of last week at 12.4 million bpd.

Canada’s overall rig count increased by 4. Canada’s oil rigs are still down by 18 year on year, with gas rigs down 14 year on year.

WTI was trading up 0.92% on the day at 1:07pm EST, with Brent up 1.32%.

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
Download on the App Store Get it on Google Play