• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 9 mins americavchina.com
  • 11 mins Greta named Time Magazine "Person of the Year"
  • 21 mins DUMB IT DOWN-IMPEACHMENT
  • 4 hours Emissions Soar as Flaring Frenzy Breaks New Records
  • 17 hours Tories on course to win majority
  • 18 hours Winter Storms Hitting Continental US
  • 9 hours Aramco Raises $25.6B in World's Biggest IPO
  • 2 hours POTUS Trump signs the HK Bill
  • 16 hours WTO is effectively neutered. Trump *already* won the trade war against China and WTO is helpless to intervene
  • 21 hours 2nd Annual Great Oil Price Prediction Challenge of 2019
Alt Text

Russia’s Economy Is Signaling An Oil Price Rally

Russia's economy been remarkably resilient…

Alt Text

Is Aramco Really Worth $2 Trillion?

Saudi Aramco managed to hit…

Alt Text

Could Low Energy Growth Lead To A Recession?

The relationship between the energy…

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

U.S., Canadian Rig Count Plunges As Oil Retreats

The the number of active oil and gas rigs fell sharply in the United States this week according to Baker Hughes, despite US oil production resuming highs this week that were previously reached in late February.

The total number of active oil and gas drilling rigs fell by 10 rigs­ according to the report, with the number of active oil rigs falling by 9 to reach 824 and the number of gas rigs falling by 1 to 192.

The oil and gas rig count is now just 21 up from this time last year, 20 of which is in oil rigs.

Oil prices were trading down earlier on Friday leading up to the data release despite strong bullish factors for oil with the Energy Information Administration reporting a huge draw in crude oil inventories earlier in the week—the biggest draw since July.  Analysts are blaming the price drop on the dollar’s gain, although fears of slowing economic growth worldwide is also causing some traders to tread lightly in the oil arena, not to mention the US/China trade spat which is still ongoing.

WTI was trading down $1.41(-2.35%) at $58.57, while Brent was trading down $1.46 (-2.16%) at $66.21 at 12:46pm EST. While the loss for the day is sharp, both benchmarks are not far off last week’s Friday levels. Related: A Paradigm Shift In The Permian

US crude oil production for week ending March 15 was 12.1 million bpd—resuming the high hit for the first time last month. .

Canada’s oil and gas rigs saw an even more shocking decrease in the number rigs this week. Canada’s total oil and gas rig count fell by 56 and is now 105, which is 56 fewer rigs than this time last year as Canada’s oil industry continues to face steep uphill battles over its constrained pipeline capacity that is necessary to get its heavy crude to market.

By 1:08pm EDT, WTI was trading down 2.45% (-$1.47) at $58.51 on the day. Brent crude was trading down 2.25% (-$1.52) at $66.15 per barrel.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Kevin Morris on March 22 2019 said:
    Wouldn't the most likely reason the rig count dropped in Canada due to road restrictions starting early this year due to the onset of an early spring and warming temperatures, in comparison to previous years.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play