• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 3 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 9 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 1 day Indonesia Stands Up to China. Will Japan Help?
  • 20 hours US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 8 hours Beijing Must Face Reality That Taiwan is Independent
  • 1 day Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 1 day Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 22 hours Might be Time for NG Producers to Find New Career
  • 2 days Phase One trade deal, for China it is all about technology war
  • 18 hours Trump has changed into a World Leader
  • 2 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 2 days Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
Alt Text

Speculators Are Dragging Down Natural Gas

It seems that fundamentals can…

Alt Text

Predicting The Bounce In Crude Oil

Crude prices have fallen significantly…

Alt Text

The Oil Industry’s Radioactive Secret

An investigative journalist has written…

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

US Drillers See Modest Rise In Oil Rigs As Prices Hold

Baker Hughes reported an increase in the number of active oil and gas rigs in the United States this week.

The total number of active oil and gas drilling rigs rose by 2 rigs, according to the report, with the number of active oil rigs increasing by 3 to reach 857 and the number of gas rigs decreasing by 1 to reach 194.

The oil and gas rig count is now 76 up from this time last year, 59 of which is in oil rigs.

While the overall rig count is up for the week, the Permian basin saw the largest drop in rigs this week, losing 5 rigs.

Oil prices were trading up earlier on Friday with steadfast faith in OPEC’s production cuts now that data is in for January showing a significant decrease in production from the cartel from December levels. An additional bullish factor came on reports that the world’s largest offshore oilfield, the Safaniyah in Saudi Arabia, had been shut down. Further clarification on the shutdown came in later in the day that confirmed the field’s shutdown, adding that it was only a partial shutdown. Still, oil prices remained up, with Brent topping $65 as bullish factors outweighed the disappointing oil demand growth that many expect is looming around the corner.

At 10:41am, WTI was trading up 1.49% (+$0.97) at $55.39, while Brent was trading up 1.58% (+$1.02) at $65.59—the highest level yet this year. Related: 2 Reasons Why Big Oil Isn’t Rushing Into Renewables

Canada’s oil and gas rigs decreased by 16 rigs this week. Canada’s total oil and gas rig count is now 224, which is 94 fewer rigs than this time last year.

The EIA’s estimates for US production for the week ending February 8 shows that US producers are holding their production rates fast at an average rate of 11.9 million bpd­—a record for the US—for the fifth week in a row.

By 1:06pm EDT, WTI was trading up 1.97% (+$1.07) at $55.48 on the day. Brent crude was trading up 2.25% (+$1.45) at $66.02 per barrel, with both benchmarks trading up significantly week on week.

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