• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 6 hours Shale Oil Fiasco
  • 28 mins Might be Time for NG Producers to Find New Career
  • 3 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 7 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 1 day China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 1 day Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 1 day Wind Turbine Blades Not Recyclable
  • 1 day Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 6 hours US Shale: Technology
  • 9 hours Indonesia Stands Up to China. Will Japan Help?
  • 1 day Denmark gets 47% of its electricity from wind in 2019
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 Rises As Prices Recover

Baker Hughes reported a 7-rig increase to the number of oil rigs this week, with a decrease of 7 gas rigs for the reporting period.

The result of no increase or decrease to the number of oil and gas rigs this week will likely come as a slight reprieve to battered traders who took it on the chin last week as oil prices plummeted.

The total number of oil and gas rigs holds steady at 975, which is an addition of 2224 rigs year over year.

The number of oil rigs in the United States stands at 798, or 201 over this time last year. The number of gas rigs, which fell by 7 this week, now stands at 177, or 24 rigs above this week last year.

At 12:01 pm EST, the price of a WTI barrel was trading up $0.47 (+0.77%) to $61.64—about a $2 recovery from last week’s dip of $59.80. The Brent barrel trading up $0.73 (+1.13%) to $65.06, also almost $2 per barrel over last week’s prices. Both benchmarks are down from January prices.

Prices have been volatile in recent weeks, but most notably last week, on the back of higher US production, higher crude oil inventories, and an updated IEA forecast that warned that a new glut may be coming on the back of robust US crude oil production. US crude oil production rose again in the week ending February 9, to 10.271 million bpd—a new high—and up from last week’s high of 10.251 million bpd.

The Permian basin rig count lost the most rigs this week with a loss of 4.

At 1:08pm EST, WTI was trading at $61.67 (+$0.50) with Brent trading at $65.01 (+$0.68).

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