• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 11 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 hour California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 20 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 20 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days An Indian Opinion on What is Going on in China
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day Nord Stream - US/German consultations
  • 2 days Can Technology Keep Coal Plants Alive and Well?
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 5 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Storage of gas cylinders
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 Rig Count Collapse Is Far From Over

The US oil and gas rig count fell again this week, according to Baker Hughes, continuing the downward trend with a drop of 5 rigs for the week, according to Baker Hughes. This week marks eleven decreases out of the last twelve weeks.

But the decline is unlikely to have a lasting or even immediate effect on prices.

The total oil and gas rig count now stands at 817, or 264 down from this time last year.

The total number of active oil rigs in the United States decreased by 7 according to the report, reaching 684. The number of active gas rigs held fast at 130. Miscellaneous rigs this week rose by 2.

Oil rigs have seen a loss of 202 rigs year on year, with gas rigs down 65 since this time last year.

By state, Texas has seen a drop of 119 year on year, while Oklahoma sunk by 97 to hit 57 rigs.

Even though the number of oil rigs have declined by 191 this year alone, production has grown from 11.7 million bpd at the beginning of the year to 12.6 million bpd for the fifth week in a row for week ending November 1—a growth of almost 1 million bpd in less than a year. With the growing production and grim demand growth forecasts, the falling rig count has done little to boost prices.

Oil prices were up on Friday ahead of the data, with WTI up slightly at 12:42pm at $57.34 per barrel (+$0.19), which is $2 more than last week. Brent was trading up at $62.46 (+$0.17), which is up nearly $2 from last week.

Canada’s overall rig count decreased this week, with oil and gas rigs decreasing by 2, after last week’s 5-rig decrease. Oil and gas rigs in Canada now stand at 140, down 56 year on year. 

At 12 minutes past the hour, WTI was trading at $57.15 and Brent was trading at $62.33.

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