• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 11 minutes Europe gas market -how it started how its going
  • 28 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours Russia, Ukraine and "2022: The Year Ahead"
  • 4 days Why is oil priced and traded in U.S. dollars?
  • 4 hours Following the Big Money
  • 4 days Ukrainian Maidan after 8 years
  • 4 days Russia oil production live month after month starting from November 2021 - official stats from Rosstat agency
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. Oil Rig Count Drops, But Production Remains Resilient

The number of active oil and gas rigs in the United States fell this week according to Baker Hughes, as the overall rig count reaches the lowest point since February 2019.

The total number of active oil and gas drilling rigs in the United States fell by 9 according to the report, with the number of active oil rigs falling by 11 to reach 789 and the number of gas rigs increasing by 2 to reach 186.

The combined oil and gas rig count is 975, with oil seeing a 73-rig decrease year on year and gas rigs down 12 since this time last year. The combined oil and gas rig count is down 87 year on year.

Year-to-date, the oil rig count has fallen from 877 active rigs on January 4 to 789, while gas rigs have fallen from 198 to 186 during that same time.

Despite the 73-rig decline year on year, US production continues to climb, with an almost 2 million barrel per day increase.

At 9:58pm EST today WTI was up $0.37 (+0.70%) at $52.96.  Although up on the day, WTI is trading down about $2 per barrel week on week. Today’s gains are largely the result of renewed Saudi optimism regarding the production cut quotas, which most feel will be extended in some form after June, when the cuts are set to expire.  

The Brent benchmark was trading up on the day as well, by $0.38 (+0.62%) at $62.05—a $1.50 decrease from last week.  

US oil production is keeping the prices in check, reaching on week ending May 31 a brand new all-time high of 12.4 million bpd.

Canada’s overall rig count increased by 18. Canada’s oil rigs are still down by 10 year on year, with gas rigs up 1 year on year.

WTI was trading up 2.15% on the day at 1:09pm EST, with Brent up 2.12%.

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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News