• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 10 hours Could Venezuela become a net oil importer?
  • 2 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 14 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 19 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 10 hours Gazprom Exports to EU Hit Record
  • 13 hours Why is permian oil "locked in" when refineries abound?
  • 3 hours Oil prices going down
  • 12 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 10 hours Could oil demand collapse rapidly? Yup, sure could.
  • 10 hours Oil Buyers Club
  • 13 hours EVs Could Help Coal Demand
  • 8 hours Saudi Arabia turns to solar
  • 1 day Teapots Cut U.S. Oil Shipments
  • 20 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 hour Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
Alt Text

Permian Bottlenecks Begin To Bite

The pipeline bottlenecks in the…

Alt Text

Tesla’s Newest Car Will Have Rocket Thrusters

Tesla CEO Elon Musk tweeted…

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

Trending Discussions

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

Riig Count

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:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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