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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.

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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

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