• 40 mins Iran Prepares To Export LNG To Boost Trade Relations
  • 3 hours Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 9 hours Saudi Oil Minister: Markets Will Not Rebalance By March
  • 14 hours Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 18 hours Rosneft Announces Completion Of World’s Longest Well
  • 20 hours Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 24 hours Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 1 day Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 1 day Santos Admits It Rejected $7.2B Takeover Bid
  • 1 day U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 2 days Africa’s Richest Woman Fired From Sonangol
  • 2 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 2 days Russian Hackers Target British Energy Industry
  • 2 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 2 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 2 days Lower Oil Prices Benefit European Refiners
  • 2 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 3 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 3 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 3 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 3 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 3 days OPEC To Recruit New Members To Fight Market Imbalance
  • 3 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 3 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 4 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 4 days GE Considers Selling Baker Hughes Assets
  • 4 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 4 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 4 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 4 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 4 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 7 days The Oil Rig Drilling 10 Miles Under The Sea
  • 7 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 7 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 7 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
  • 7 days Kenya Set To Give Local Communities Greater Share Of Oil Revenues
  • 7 days Rosneft, China To Deepen Strategic Cooperation
  • 7 days New York Listing Unlikely For Aramco IPO
  • 7 days China To Invest $83B In U.S. Shale
  • 8 days Aramco To Spend $100 Billion In Capital Expenditures Next Year
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

U.S. Oil Rig Count Ticks Up By 3

Oil rig

The United States saw a three new oil rigs brought online, bringing the total count to 428, according to Baker Hughes. The number of rigs marks the highest number of oil rigs in production since February 12, and with fifteen straight weeks of no reduction to the number of active oil rigs, we are in the middle of one of the biggest recoveries in US oil.

This week marks six straight weeks of oil rig gains, and the fifteen-week streak of no oil rig losses is the one since 2011, when the oil rig count saw no negative movement for nineteen straight weeks.

Since June 24, 2016, the rig count has risen by 98 sites. From its 2016 low on May 27, the count is up by 112.

Looking at the longer view, the oil rig count is down by 177 from 605 this same time last year, but still, analysts are predicting that the oil rig count will continue to rise, as the price of oil reached $50 per barrel earlier this week and is bound to renew producer confidence.

Gas rigs declined by 2 this week, which is 95 fewer rigs than were in production a year ago, but are still up 13 over the low of 81 for 2016.

The international rig count for September 2016, also reported today, held near steady at 934, down just 3 from 937 in August. Although fairly steady compared to last month, the international rig count is down 206 from September 2015.

WTI is trading down 1.84% at $49.51 as of 1:35 EST, and Brent is trading down 2.04% at $51.44.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Al morris on October 07 2016 said:
    So the international count held near steady while declining 3 rigs. The us count ticked up 3 reaching the highest level since February, and near records for consecutive increases. Its interesting how presentation slants the perception of data.

Leave a comment




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