• 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
  • 53 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 1 hour 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 !
  • 11 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" ?
  • 6 hours Marine based energy generation
  • 1 hour China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 3 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 10 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 19 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 1 day Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 15 mins Apple to Bypass Internet and Beam Directly to Phones
  • 6 hours Which producers will shut in first?
  • 16 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
Alt Text

Demand Destruction Will Decimate Oil Prices

The long-term ramifications of the…

Alt Text

Is Gazprom’s LNG Megaproject Doomed To Fail?

Russia gas giant Gazprom has…

Alt Text

Will Trump Use Tariffs To Protect U.S. Oil?

“I would use tariffs, if…

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 Flat As Prices Stabilize

US drillers added 1 rig to the number of oil and gas rigs this week, according to Baker Hughes, with oil rigs holding steady and gas rigs adding one. The oil and gas rig count now stands at 1,046—up 145 from this time last year.

Meanwhile, neighboring Canada gained 4 oil and gas rigs for the week—the first gain in weeks.

Both the Brent and WTI benchmark were trading up on the day at 9:46am EST with Brent crude surpassing the $80 mark at one point on Thursday. The shaky geopolitical landscape in major oil-producing regions has sent oil prices to near four-year highs, as the market grows increasingly wary over possible supply crunches ala US sanctions on Iran, Venezuela’s colossal mess that has sent PDVSA production fall month after month with no end in sight, and OPEC’s almost too-good adherence to its production cut deal.

In the wake of the higher oil prices, Saudi Arabia and the UAE have made public statements that promised to fill any supply gaps, should they in fact materialize, although this has done little to calm the market.

WTI was trading up 0.06% at $71.53, with Brent trading up 0.39% at $79.60. Western Canada Select (WCS) was trading flat at $56.44—a massive discount to WTI.

Working the other side of the push/pull for oil prices, US oil production rose again in the week ending May 11, reaching 10.723 million bpd—the twelfth build in as many weeks—and less than 300,000 bpd shy of the 11.0 million bpd forecast that many are predicting for 2018.

US production has steadily increased since OPEC engaged in a supply cut deal that sought to remove 1.8 million bpd from the market. At the time the deal was announced, the US was producing 8.6 million bpd. Today, the US is producing more than 2.0 million bpd over that figure, while OPEC/NOPEC continues to curb supply on its end.

At 5 minutes after the hour, WTI was trading down 0.36% at $71.23, with Brent trading down 0.24% at $79.06.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Avi Levin on May 18 2018 said:
    Why isn't anyone reporting on the more than 1 million draw from the SPR last week? Just a scheduled release, wink.

Leave a comment




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