• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 18 hours Permian in for Prosperous and Bright Future
  • 2 hours Daniel Yergin Book is a Reality Check on Energy
  • 3 hours Gepthermal fracking: how to confuse a greenie
  • 10 hours YPF to redeploy rigs in Vaca Muerta on export potential
  • 8 hours US after 4 more years of Trump?
  • 11 hours Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 2 hours The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 2 days US Oil Refinery Fexibility
  • 2 days China Must Prepare for War Says State Media
  • 2 days Interconnection queues across the US are loaded with gigawatts of solar, wind and storage
  • 18 hours Surviving without coal is a challenge!!
  • 2 days Portuguese government confirms world record solar price of $0.01316/kWh
  • 2 days Trump's Drilling Ban Bombshell Rocks Oil Industry
The Holy Grail of Endless Energy: Harvesting Blackholes

The Holy Grail of Endless Energy: Harvesting Blackholes

Fifty years ago, British mathematical…

CFTC Report: Financial Markets Under Threat From Climate Change

CFTC Report: Financial Markets Under Threat From Climate Change

The Commodities Futures Trading Commission…

Oil Market Sentiment Shifts As Supply Concerns Mount

Oil Market Sentiment Shifts As Supply Concerns Mount

Oil markets are struggling under…

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 Increases Amid Price Rout

Baker Hughes reported that the number of oil and gas rigs in the US rose this week by 3­ to 793, with the total oil and gas rigs clocking in at 234 fewer than this time last year.

The number of oil rigs increased for the week, by 4 rigs, according to Baker Hughes data, bringing the total to 682—a 152-rig loss year over year.

The total number of active gas rigs in the United States fell by 1 according to the report, to 109. This compares to 193 a year ago. 

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

Meanwhile, oil production in the United States ticked up to 13.1 million bpd, according to data provided by the Energy Information Administration—a brand new high for the US.

The number of rigs in the most prolific basin, the Permian, rose by 4 this week to 415, compared to 465 rigs one year ago. The second largest basin, the Eagle Ford, held fast at 68 rigs, compared to 81 a year ago.  

The WTI benchmark at 12:18 pm was trading at $42.00 (-8.50%) per barrel—almost $3 per barrel below last week levels as OPEC and OPEC+ failed to reach a deal thus far on Friday, with Russia refusing to expand the generous cuts that OPEC suggested. Russian Energy Minister Alexander Novak sent prices falling further downward by telling OPEC+ members that they could pump at will after April 1.

The Brent benchmark was trading at $45.63 (-8.72%)—roughly $4 per barrel below last week’s levels.  

Canada’s overall rig count decreased by 37 rigs this week, to a total of 203 rigs. Oil and gas rigs in Canada are now up 14 year on year. 

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