• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 10 hours Satellite Moons to Replace Streetlamps?!
  • 4 hours U.S. Shale Oil Debt: Deep the Denial
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 1 day EU to Splash Billions on Battery Factories
  • 7 hours The Dirt on Clean Electric Cars
  • 5 hours Owning stocks long-term low risk?
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 11 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days Uber IPO Proposals Value Company at $120 Billion
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 22 hours The end of "King Coal" in the Wales
Alt Text

This Merger Creates A New Oilfield Services Giant

Two of the leading offshore…

Alt Text

Oil Prices Rise On Iran, Hurricane Outages

Oil prices recovered on Tuesday,…

Alt Text

Oil Prices Under Pressure As U.S. Shale Supply Soars

Continued production growth in the…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Trending Discussions

U.S. Oil Rig Count Falls For The First Time In 12 Weeks

Rig

The number of active oil and gas rigs in the United States dipped on Friday by 6 for a total of 659 active rigs, according to oilfield services provider Baker Hughes, which is 9 rigs above the rig count last year.

The number of oil rigs decreased 7 from 529 to 522, while the number of active gas rigs increased from 135 to 136 for a single-rig gain.

This week marks the first week in the last 12 that the number of oil rigs has decreased, and 10 straight weeks of gas rig increases.

Drillers in the United States have been slowly but steadily increasing the number of active drilling rigs in line with higher oil prices, particularly since the OPEC agreement on November 30 that saw OPEC agree to cut back production to 32.5 million bpd. This upward trend in the number of active rigs is expected to continue overall, barring any glitches in OPEC’s promise to make good on the production cut deal solidified in November.

The number of active oil rigs is still well below 2014 figures, when the number of oil rigs operating in the United States sat comfortably above 1,500.

(Click to enlarge)

A snapshot of the number of active oil and gas rigs by basin a year ago versus today shows a shift in activity, most notably away from Eagle Ford to the coveted Permian, which holds an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids. These figures signify the single largest continuous pool of oil that the U.S. Geological Survey has every surveyed.

(Click to enlarge)

(Click to enlarge)

WTI was trading down 0.85 percent at $52.56 half an hour before the data release, with Brent at $55.66, down 0.62 percent. Immediately after the rig count release, WTI was sitting at US$52.60, and Brent at US$55.68.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment
  • dipak sinha on January 14 2017 said:
    The reporter forgot to mention that Canada added 117 rigs this week . please report all the news not just your spin

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News