• 3 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 5 minutes Could Tesla Buy GM?
  • 11 minutes Global Economy-Bad Days Are coming
  • 17 minutes Venezuela continues to sink in misery
  • 2 hours OPEC Cuts Deep to Save Cartel
  • 2 hours What will the future hold for nations dependent on high oil prices.
  • 9 hours Congrats: 4 journalists and a newspaper are Time’s Person of the Year
  • 4 hours Price Decline in Chinese Solar Panels
  • 1 day End of EV Subsidies?
  • 6 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 10 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 19 hours Permian Suicide
  • 1 day GOODBYE FOREIGN OIL DEPENDENCE!!
  • 1 day Asian stocks down
  • 1 day Maersk's COO statment.
  • 23 hours IT IS FINISHED. OPEC Victorious
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 Shoots Up As Oil Nears $70

The number of active oil and gas rigs rose this week, according to Baker Hughes data, increasing by 15 total rigs, bringing the total rigs to 939, which is an addition of 280 rigs year over year.

The number of oil rigs in the US increased by 10, while the number of gas rigs increased by 5. The number of oil rigs stands at 752 versus 522 a year ago. The number of gas rigs in the US now stands at 187, up 136 a year ago.

At 11:35am EST, the price of a WTI barrel was trading down $.34 (-0.53%) to $63.46, while the Brent barrel was trading down $0.30 (-.43%) to $68.96. Both benchmarks are up week on week, but down from Thursday levels which saw Brent over $70. This week marks four straight weeks of gains.

Despite the oil price rise, US crude oil production dipped last week. It had been on a steady upward trajectory during Q4 2017—a thorn in OPEC’s side which has managed to cap price spikes courtesy of various supply disruptions and unrest in Iran. But the first week of 2018 saw production in the United States slipping from 9.782 million bpd in the last week of 2017, down to 9.492 million bpd. Related: $60 Oil Will Not Last Long

Canada has seen severe swings in its active oil and rig count. This week, Canada saw 87 oil rigs and 15 gas rigs added.

The Permian basin rig count increased by 3 this week, standing at 403 rigs, or 135 above this same week last year. Arkoma Woodford, DJ-Niobrara, Haynesville, and the Mississippian basins each gained a rig. By state, New Mexico and Louisiana were the big winners this week, both adding 5 rigs.

At 1:09pm EST, WTI was trading at $63.94 (+$0.14) with Brent trading at $69.42 (+$0.16).

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
-->