• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 2 hours Is the oil & gas industry on the way out?
  • 2 hours In a Nutshell...
  • 5 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 2 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 11 mins Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days Where is Alberta, Canada headed?
  • 2 days Putin Paid Militants to Kill US Troops
  • 10 hours Why Oil could hit $100
  • 3 days The Coal Industry May Never Recover From The Pandemic
  • 3 days A Real Reality Check on "Green Hydrogen"
  • 3 days Why Wind is pitiful for most regions on earth
  • 2 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
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