• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 45 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 2 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 7 hours Mr
  • 15 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 4 hours Free market or Freeloading off the work of others?
  • 4 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 5 hours Marine based energy generation
  • 17 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 18 hours How to Create a Pandemic
  • 19 hours Apple to Bypass Internet and Beam Directly to Phones
  • 11 hours Which producers will shut in first?
  • 18 hours Real Death Toll In CCP Virus May Be 12X Official Toll
Alt Text

Oil Market Data Is About To Get Very Ugly

As the COVID-19 pandemic continues…

Alt Text

OPEC’s Plan To Take Over The Global Oil Industry

Much of the commentary surrounding…

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 Oil & Gas Rigs Fall For Sixth Straight Week

The US oil and gas rig count fell for the sixth week in a row this week, decreasing by 8 for the week, according to Baker Hughes, but US oil companies are still pumping oil at record rates.

The total oil and gas rig count now stands at 860, or 194 down from this time last year.

The total number of active oil rigs in the United States decreased by 6 according to the report, reaching 713. The number of active gas rigs decreased by 2 to reach 146.

Oil rigs have seen a loss of 150 rigs year on year, with gas rigs down 43 since this time last year, compared to 858 and 187 active rigs, respectively, at the beginning of the year.

Still, in the United States, weekly oil production is at an all-time high. So while the number of oil rigs have declined by 164 this year alone, production has grown from 11.7 million bpd at the beginning of the year, to 12.5 million bpd for week ending September 20.

Oil prices were trading down on Friday ahead of the data, after Saudi Arabia agreed to a ceasefire in Yemen and as Iran claimed that the US agreed to lift sanctions if they were willing to negotiate—a claim that the US flatly denied.

At 9:59 am EDT today, WTI was down $0.73 (-1.29%) at $55.68 off $3 week over week.  Brent crude was trading down on the day as well, by $1.01 (-1.64%) at $60.73, also down roughly $3 per barrel for the week.  

Canada’s overall rig count increased this week, with oil and gas rigs climbing by 8, after last week’s 15-rig decrease. Oil and gas rigs in Canada are down 51 year on year. 

WTI was trading down 0.90% shortly after data release, while Brent was trading down 1.31%.

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