• 9 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes The EU Loses The Principles On Which It Was Built
  • 19 minutes Batteries Could Be a Small Dotcom-Style Bubble
  • 3 mins Saudi Fund Wants to Take Tesla Private?
  • 1 min Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 4 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 hour Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 7 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 6 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 16 hours How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
  • 14 hours Starvation, horror in Venezuela
  • 12 hours Corporations Are Buying More Renewables Than Ever
  • 18 hours Is NAFTA dead? Or near breakthrough?
  • 18 hours China still to keep Iran oil flowing amid U.S. sanctions
  • 17 hours Are Trump's steel tariffs working? Seems they are!
  • 8 hours Film on Venezuela's staggering collapse
Alt Text

$90 Oil Is A Very Real Possibility

Saudi Arabia appears intent on…

Alt Text

Why China Will Continue To Buy Iranian Crude

While the United States sanctions…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Trending Discussions

Rig Count Climbs Higher After Last Week’s Intermission

oil rigs

The number of active oil and gas rigs in the United States rose again this week, this time by 12, resuming what was the US shale patch’s impressive run of 23 weeks of steady gains, prior to last week’s decrease of a single rig.

The number of oil rigs in operation increased by 7, while gas rigs increased by five—putting to rest any lingering optimism that last week’s decrease in rigs was a sign of an upcoming downward trend in the number of active rigs. Combined, the total oil and gas rig count in the US now stands at 952 rigs, which is 512 rigs over a year ago today.

Prices were down earlier on Friday—with WTI trading down 2.81% on the day at $44.24. Brent was down 2.85% at $46.74 at 12:17pm EST. While US crude oil inventories are in the “upper half of the average range for this time of year” according to yesterday’s EIA report, and while rumors surfaced today—again—that OPEC would consider deeper cuts and that Russia would at least consider it, prices continued to fall. The sharp increase in rigs will undoubtedly weigh further on prices, and it looks like US shale is still resisting warnings that its strong weekly gains are set to wreck the oil market.

(Click to enlarge)

In the first eight weeks of 2017, oil rigs increased by an average of 10 per week. The following eight weeks, from March 3 until April 21, oil rigs gained an average of 11 per week. The eight-week period ending June 16, however, showed an average of only 7 oil rigs added per week, suggesting that the pace at which rigs are being added in the US has slowed.

At 13 minutes after the hour, WTI was sliding further, down 3.19% at $44.07, with Brent trading down 3.12% at $46.61.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News