• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 7 hours EU has already lost the Trump vs. EU Trade War
  • 1 day Science: Only correct if it fits the popular narrative
  • 19 hours Crazy Stories From Round The World
  • 1 day Iran Burning: Shock Gas Price Hike Triggers Violent Protests After Subsidy Cuts
  • 20 hours Everything You Need To Know About Trump
  • 8 hours IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 20 mins Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 1 day Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 2 hours Water, Trump, and Israel’s National Security
  • 18 hours Impeachment Nonsense
  • 10 hours ‘If it saves a life’: Power cut to 1.5 million Californians
  • 2 days What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 2 days Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
Alt Text

A ‘Latin Spring’ In The Making?

There is a fear within…

Alt Text

Oil Majors Go On $27 Billion Selling Spree

Global giants of the oil…

Alt Text

36 Dead Following Fuel Protests In Iran

As many as 36 people…

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 Rises After Tumultuous Week

Baker Hughes reported an increase to the number of active oil and gas rigs in the United States on Friday. Oil and gas rigs increased by 2 rigs, according to the report, with the number of active oil rigs staying at 863 for the week, while the number of gas rigs increased by 2, hitting 189.

The oil and gas rig count now stands at 1,054—up 102 from this time last year, with the number of oil accounting for 98 of that 102.

Canada gained 15 oil and gas rigs for the week, 13 of which were oil rigs. Canada’s oil and gas rig count is now up just 6 year over year. Oil rigs are up by 33 year over year in Canada, while the number of gas rigs are down by 27.

Oil prices were trading up on Friday afternoon after a rather tumultuous week for the oil industry—a state of being that is quickly becoming the new norm as geopolitical forces, supply disruptions, and big inventory moves all make for a rocky market.

In afternoon trading, both benchmarks were up, with WTI trading up $0.57 (+0.81%) at $70.90 at 12:45pm EDT and Brent trading up $0.88 (+1.18%) at $75.33. While both benchmarks are trading up on the day, WTI is trading down almost $3 since Monday. Brent is trading down more than $3 this week.

The normal market forces—Libya’s supply disruptions while the two NOCs duke it out over control of its oil, Venezuela’s inability to stop the steadily falling production declines, the escalating trade dispute between China and the United States, and serious inventory draws for crude oil—are all working to lift the price of oil. Likewise, Saudi Arabia’s production increases and OPEC’s prediction that 2019 demand growth may be lower than previously thought seeks to pull oil prices downwards.

As for the oil production in the United States, which has been on a tear for all of 2018, seems to have leveled off a few weeks ago at 10.900 million bpd, where it has been for five weeks running. The 11 million bpd mark, should the United States hit this production level soon, will be an important psychological mark to surpass.

At 8 minutes after the hour, WTI was trading up 1.08% at $71.09, with Brent trading up 1.26% at $75.39.

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




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