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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.

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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

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