• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 2 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 1 day "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 6 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 9 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 10 days Goldman Betting on Cryptocurrencies
  • 13 days Сryptocurrency predictions
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 Sees Slight Increase Amid Record Production

US drillers added 1 rig to the number of oil and gas rigs this week, according to Baker Hughes, with oil rigs increasing by 2 and gas rigs dipping by 1. The oil and gas rig count now stands at 1,060—up 144 from this time last year. The Cana Woodford basin saw the biggest increase in the number of rigs, at 3; The Permian lost one.

Meanwhile, neighboring Canada gained 18 oil and gas rigs for the week.

Oil benchmarks were trading down on Friday, skittish after Saudi Arabia and Russia committed to ramping up production to as much as 1 million barrels per day before the production cut deal ends at the end of this year, should it become a necessary step to meet demand with Venezuela’s falling production and Iran’s possible production or export shortfalls in the wake of US sanctions against it. Oil prices took another blow with Rosneft unexpectedly increasing production by 70,000 bpd, to prepare for OPEC and NOPEC possibly relaxing the production quotas.

The markets dissatisfaction with that maneuver was apparent in afternoon trading. At 12:21pm EST, WTI had slipped $0.43 (-0.64%) to $66.61, with Brent falling $0.94 (-1.21%) to $76.62. Brent crude is trading at nearly the same level as this time last week, but the WTI benchmark is trading almost $2 lower than last week levels. The premium for Brent over WTI is now significant, and near three-year highs.

US oil production is also pressing down on oil prices, and for the week ending May 25, reaching 10.769 million bpd—the fourteenth build in as many weeks. US production continues to climb at a time when OPEC is beholden to a supply cut deal that looks to remove 1.8 million bpd from the once-saturated market. At the time the deal was announced, the United States 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 25 minutes after the hour, WTI was trading down 0.81% at $66.50, with Brent trading down 0.52% at $77.16.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News