• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 1 day The Discount Airline Model Is Coming for Europe’s Railways
  • 12 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 7 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 21 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 25 mins Starvation, horror in Venezuela
  • 8 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Venezuela set to raise gasoline prices to international levels.
  • 20 hours Are Trump's steel tariffs working? Seems they are!
  • 2 days WTI @ 69.33 headed for $70s - $80s end of August
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 hour Why hydrogen economics does not work
  • 1 day Corporations Are Buying More Renewables Than Ever
  • 17 mins China goes against US natural gas
Alt Text

The Real Reason Behind The Next Oil Squeeze

An oil supply squeeze may…

Alt Text

Why Trump Won’t Kill Progress On Fuel Economy

The fuel economy standards battle…

Alt Text

Why China Will Continue To Buy Iranian Crude

While the United States sanctions…

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:




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