• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 7 hours Which emissions are worse?: Cows vs. Keystone Pipeline
  • 54 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 1 hour Trump capitulated
  • 8 hours Thanks to Trump, the Iranian Mullahs Are Going Bankrupt
  • 14 hours Indonesia Stands Up to China. Will Japan Help?
  • 13 mins Beijing Must Face Reality That Taiwan is Independent
  • 1 hour US Shale: Technology
  • 2 hours Gravity is a scam!
  • 19 hours Yet another Petroteq debt for equity deal
  • 20 hours Three oil pipeline projects inch toward goal-line for Canada
  • 1 hour Trump has changed into a World Leader
  • 2 hours Turkey Muscles-In on Israel-Greece-Cyprus EastMed Gas Pipeline Deal. Erdogan Still Dreaming of Ottoman Empire II.
  • 2 hours What's the Endgame Here?
  • 10 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
Alt Text

What’s Next For Oil? No One Seems To Agree

While many of the headlines…

Alt Text

How Vulnerable Is Iraqi Oil Production?

Iraq has effectively doubled its…

Alt Text

Will The Permian Peak This Year?

Though many investors are still…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Premium Content

U.S. Oil Rig Count Higher, Sees Biggest 2-Week Rise In A Year

The U.S. oil rig count rose by 10, while natural gas lost one rig, week-on-week, bringing the total rig count increase last week to 9, for 440 rigs in play, according to Baker Hughes.

The new rig count represents the biggest two-week rise since this same time last year.

According to the Baker Hughes’ rig count, released today, while the U.S. count was up 9 in total, with 10 new oil rigs on the scene, Canada made even further gains, with 21 new rigs.


Courtesy of Zerohedge
(Click to enlarge)

More specifically, the data shows that the U.S. now has 351 active crude oil rigs.

In the U.S., gains were made in Texas’ Permian basin, with the addition of 4 new oil rigs, and in Williston, with the addition to 2 new oil rigs. The Permian now has 158 oil rigs in operation, while Williston has 28 oil rigs in operation.

Internationally, however, the counts fared poorly as of the latest count, in June, with 28 fewer oil rigs compared to May, dipping down to a total of 927 oil rigs globally, but 1,407 oil and gas rigs combined—up two from the previous month. Related: Chilcot Report: UK Oil Interests Were Lead Motive For Iraq War

Latin America lost 10 rigs—the biggest drop recorded.

Oil futures gained a bit in early morning trading today (8 July) on data showing the lowest level of U.S. production in over three years, and despite the increased rig count were still holding steady by the early afternoon.

West Texas Intermediate (WTI) was up 1.6 percent at the open this morning, trading at US$45.87 per barrel after having fallen 4.8 percent at the close yesterday to the two-month low of $45.14 after the Energy Information Administration (EIA) came in with crude inventory data showing a smaller-than-expected draw.

By James Burgess of 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