• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 21 hours How Far Have We Really Gotten With Alternative Energy
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

Hess Board Recommends Merger With Chevron

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 Rig Count Inches Higher In Coronavirus Plagued Markets

Oil rig

Baker Hughes reported that the number of oil and gas rigs in the US rose this week by 1 to 791, with the total oil and gas rigs clocking in at 265 less than this time last year.

The number of oil rigs increased for the week, by 1 rig, according to Baker Hughes data, bringing the total to 679—a 174-rig loss year over year.

The total number of active gas rigs in the United States stayed the same according to the report, at 110. This compares to 194 a year ago. 

The miscellaneous rig count stayed the same this week as well, for a total of 2 miscellaneous rigs.

Meanwhile, oil production held steady at 13 million bpd for the second week in a row,  according to data provided by the Energy Information Administration. The 13 million bpd figure represents a high for the United States.

The number of rigs in the most prolific basin, the Permian, rose by 1 this week to 409, compared to 473 rigs one year ago. The second largest basin, the Eagle Ford, saw no change in the number of active rigs.

The WTI benchmark at 12:50pm was trading at $53.40 (-0.89%) per barrel—roughly $1.70 per barrel above last week levels as it looked less likely on Friday that OPEC+ would get the job done to cut even more production to account for the diminished oil demand from the world’s largest oil importer, China.  

The Brent benchmark was trading at $57.89 (-0.91%)—roughly $1 per barrel above last week’s levels.  

Canada’s overall rig count decreased by 11 rigs this week, to a total of 244 rigs. Oil and gas rigs in Canada are now up 32 year on year. 

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News