• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 56 mins WTI @ 67.50, charts show $62.50 next
  • 11 mins Mike Shellman's musings on "Cartoon of the Week"
  • 2 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 5 hours Venezuela set to raise gasoline prices to international levels.
  • 10 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 32 mins Batteries Could Be a Small Dotcom-Style Bubble
  • 12 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 5 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 11 hours Corporations Are Buying More Renewables Than Ever
  • 28 mins Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day California Solar Mandate Based on False Facts
  • 16 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
Alt Text

China’s Oil Futures Jump To Record High

China’s Yuan denominated crude futures…

Alt Text

Why Trump Won’t Kill Progress On Fuel Economy

The fuel economy standards battle…

Alt Text

Trade War May Push China To Russian Energy

As trade war tensions heat…

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

The U.S. Oil Rig Count Continues Its Rapid Climb

Rig

Oilfield services provider Baker Hughes reported a 13-rig increase this week to the number of oil and gas rigs active in the United States, bringing the total number of active oil and gas rigs to 637, just 72 shy of the count this time last year.

Last week, the number of oil and gas rigs in operation jumped by 27, with oil rigs accounting for 21 of the 27. Last week’s data revealed that the U.S. had put more oil rigs into play than in any time since July 2015.

The big winner this week was oil yet again, accounting for 12 of the 13 new rigs.

While oil-dependent OPEC members find themselves in a precarious position over the balance between not enough and too much with regards to oil prices, the United States has steadily increased the number of active drilling rigs, most notably since the OPEC agreement on November 30 that saw OPEC agree to cut back production to 32.5 million bpd.

(Click to enlarge)

All About the Permian

When it comes to U.S. oil, there is no hotter basin right now than the Permian. Since September 23rd, the Permian Basin has put online 57 oil rigs—a figure that represents more new oil rigs than all the other basins combined. Related: Nigeria Aims For “Lasting Peace” As Oil Output Hits 1.8 Million Bpd

(Click to enlarge)

Still, the number of active oil rigs in the Permian, while gaining momentum, is still a far cry from the 550+ oil rigs seen in that basin during most of 2014.

(Click to enlarge)

WTI was trading up 1.55 percent at $51.69 half hour before the data release, with Brent at $55.05, up 1.91 percent. Oil prices were largely unchanged moments after the release, with unsettled markets still working through how much trust to place on OPEC member promises and non-OPEC collaborations, along with API and EIA data regarding inventory that has come under increased scrutiny as of late.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Robert Yarbrough on December 16 2016 said:
    It's funny watching the big boys manipulating oil prices know that green energy sources will soon be making its presence felt globally. So keep playing with numbers and keep acting like you all are really important. After all its all you've got left.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News