• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 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
  • 2 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 6 mins Coal Boom in Asia is Real and a Long Trend
  • 3 mins The Plastics Problem
  • 11 hours China's President Xi To Visit North Korea This Week
  • 3 hours GM Considering Electric Hummer
  • 20 mins Hydrogen FTW... Some Day
  • 14 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 17 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 13 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 7 hours 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
  • 19 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 37 mins The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 17 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 15 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 10 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
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

Trending Discussions

Oil Prices Rally In Spite Of Rising Rig Count

The number of active oil and gas rigs in the United States increased by eight sites this past week, which marked the return of modest growth in American drilling activity, according to Baker Hughes latest report.

ZeroHedge reports that the oil rig count now stands at its highest in seven months.

The natural gas count saw most of the rig gains and rose by seven sites.

The oil count increased by a single rig after last week’s move of zero. Before last week, oil rig activity had been on the rise for eight weeks in a row, making this the tenth straight week without a decline in domestic oil rig counts.

This time last year, 662 oil rigs and 202 natural gas rigs were active in the United States.

State-wise, Louisiana lost seven rigs and Colorado lost one, offset by Oklahoma, Texas and Wyoming who each gained four sites, while North Dakota and West Virginia upped their counts by one each.

Six more rigs in the Permian Basin and Eagle Ford in the South became active this week. The Utica, Williston, and Marcellus formations saw smaller increases of one or two rigs each.

Canada saw a nine-rig decline in Friday’s report, taking a bit away from a 25-rig jump last week. Of the nine lost sites, two drilled gas and seven drilled oil.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • r.j. sigmund on September 03 2016 said:
    one would think with a headline that says "Oil Prices Rally" the article would at least have some note about what those oil prices were and how much they rose, wouldn't one?

Leave a comment





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