• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 6 hours The Downside of Political Correctness
  • 2 hours Rioting and Protesting
  • 5 mins George Floyd’s History
  • 8 hours US and Australia Sign SPR Lease Agreement
  • 2 hours Let's try to link the recent events back to the situation with oil production and pricing
  • 21 hours Healing, Not Hatred
  • 2 hours In the Event of WW3, Oil and/or Renewables?
  • 2 hours Main Stream Media falls into depressed mood today after hearing the record May jobs report UP 2.5 MILLION JOBS !
  • 11 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 19 hours Trump waves a Bible
  • 5 hours Coronavirus hype biggest political hoax in history
  • 8 hours China’s Oil Thirst Draws an Armada of Tankers
  • 18 hours Trumps Oil Industry....
  • 21 hours Let’s Try This....
  • 23 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
A Strategy Shift In Energy Investing

A Strategy Shift In Energy Investing

Traders are desperately looking for…

$40 Oil In Sight As OPEC+ Considers Extension

$40 Oil In Sight As OPEC+ Considers Extension

Brent oil is nearing the…

Oil Market Heading For Months Of Deficit

Oil Market Heading For Months Of Deficit

The oil market is set…

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 U.S. Oil Rig Count Continues Its Rapid Climb

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:


Download The Free Oilprice App Today

Back to homepage





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