• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 19 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 36 mins "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 23 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 8 hours Wind droughts
  • 6 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 5 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Xi Is Set To Be Re-Elected As China’s Leader
  • 10 days Oil Prices Fall After Fed Raises Rates
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 18 hours Australian power prices go insane
  • 12 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 22 hours Europeans and Americans are beginning to see the results of depending on renewables.
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

Rig Count Collapse Continues Despite Jump In Oil Prices

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 64, falling to 465, with the total oil and gas rigs clocking in at 526 fewer than this time last year as U.S. drillers make hasty and significant changes to their operations.

Over the last six weeks, oil and gas rigs combined have shed a total of 327 rigs.

The number of oil rigs decreased for the week by 60 rigs, according to Baker Hughes data, bringing the total to 378—a 427-rig loss year over year. It is the fewest number of active oil rigs since July 2016.

The total number of active gas rigs in the United States fell by 4 according to the report, to 85. This compares to 186 a year ago.

The number of active rigs taken offline over the last six weeks is a clear indication that the U.S. oil industry is being pressured to make significant and painful changes in response to storage that is near capacity and the low price of oil.

The EIA’s estimate for the week is that oil production in the United States fell to 12.2 million barrels of oil per day on average for week ending April 24, which is 900,O00 bpd off the all-time high and 100,000 bpd lower than the week prior. It is the lowest production level since May last year.

 At 1:04pm, WTI was trading at $17.03 , while the Brent benchmark was trading at $21.71 (+1.78%).

Canada’s overall rig count decreased by 4 rigs as well this week, to a total of just 26 rigs. Oil and gas rigs in Canada are now down 37 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




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