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

The Oil Rig Count Rises Once Again

The number of active oil and gas rigs decreased this week, according to Baker Hughes data, by a single rig. This brings the total number of oil and gas rigs to 946, which is an addition of 217 rigs year over year.

Still the number of oil rigs in the United States rose this week, by 6, with the number of gas rigs decreasing by 7. The number of oil rigs stands at 765 versus 586 a year ago. The number of gas rigs in the U.S. now stands at 181, up from 145 a year ago.

At 12:14pm EST, the price of a WTI barrel was trading down $1.02 (-1.55 percent) to $64.78—almost $1.00 under this same time last week. The Brent barrel trading down $1.51 (-2.17 percent) to $68.14, almost $2 per barrel under last week. While inventory figures and OPEC data are the usual catalyst for oil price swings, this week the stronger dollar has pushed oil prices downward in what is one of the biggest weekly drops in months.

U.S. crude oil production rose again, to 9.919 million bpd, from 9.878 million bpd the week before, setting another new high and getting dangerously close to that psychologically important 10.0 million bpd mark.

Canada has added hundred of rigs in the last three weeks. This week, Canada added another 14 oil rigs, but the number of gas rigs in Canada declined by 10. The total number of oil and gas rigs is now 342, with the number of gas rigs still down year over year.

Related: Goldman: Oil To Top $80 Within Six Months

The Permian basin rig count was flat this week, with the Haynesville basin seeing the biggest increase to the number of rigs, which was up by 2.

At 1:08pm EST, WTI was trading at $65.23 (-$0.57) with Brent trading at $68.56 (-$1.09).

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Tbone on February 02 2018 said:
    Oil rig count is increasing because the probability of of shale rigs hitting oil is about 50 %, just ask Harold Hamm.

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