• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 1 day "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 17 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 2 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 8 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 11 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 12 days Goldman Betting on Cryptocurrencies
  • 15 days Сryptocurrency predictions
U.S. Shale Growth To Disappoint In 2023

U.S. Shale Growth To Disappoint In 2023

Although shale output is growing…

How Putin Is Stopping A Revolution At Home

How Putin Is Stopping A Revolution At Home

Putin is actively attempting to…

China's Extraordinary Covid Protests

China's Extraordinary Covid Protests

Extraordinary protests across China appear…

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




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