• 22 hours Iraq Begins To Rebuild Largest Refinery
  • 1 day Canadian Producers Struggle To Find Transport Oil Cargo
  • 1 day Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 1 day China's CNPC Considers Taking Over South Pars Gas Field
  • 1 day BP To Invest $200 Million In Solar
  • 1 day Tesla Opens New Showroom In NYC
  • 1 day Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 1 day Venezuela Sells Oil Refinery Stake To Cuba
  • 2 days Tesla Is “Headed For A Brick Wall”
  • 2 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 2 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 2 days Goldman Bullish On Oil Markets
  • 2 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 2 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 2 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 2 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 3 days Colombia Boosts Oil & Gas Investment
  • 3 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 3 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 3 days Aramco On The Hunt For IPO Global Coordinators
  • 3 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 3 days India Feels the Pinch As Oil Prices Rise
  • 3 days Aramco Announces $40 Billion Investment Program
  • 3 days Top Insurer Axa To Exit Oil Sands
  • 4 days API Reports Huge Crude Draw
  • 4 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 4 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 4 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 4 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 4 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 4 days Exxon To Start Reporting On Climate Change Effect
  • 5 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 5 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 5 days Forties Pipeline Could Remain Shuttered For Weeks
  • 5 days Desjardins Ends Energy Loan Moratorium
  • 5 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 5 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 5 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 8 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 8 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

Alt Text

The ‘Unknown Unknowns’ That Threaten U.S. Shale

Projections for U.S. shale growth…

Alt Text

The Drastic Drop Off In U.S. Oil Imports

Following the agreement of an…

Alt Text

Is The Oil Glut Set To Return?

Yet another bearish report from…

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 Up On Rising Oil Prices

Natgas rig

The number of active oil and gas rigs in the United States increased again on Friday by 12, taking aim at earlier gains to both WTI and Brent crude oil benchmarks. Both benchmarks were trading up over 2% earlier on Friday after an International Energy Agency report showed that OPEC‘s supply-cut deal achieved a record initial compliance rate of 90 percent.

The total number of active oil and gas rigs in the United States is now 741, according to oilfield services provider Baker Hughes, which is 200 rigs above the rig count a year ago.

The number of oil rigs went up from 583 last week to 591 this week. The number of active oil rigs in the United States is now the highest since October 23, 2015.

Oil rigs have increased by 114 since the OPEC agreement was announced on November 30.

(Click to enlarge)

While rig gains have been substantial in recent months, it’s still a far cry from the number of rigs in production on October 10, 2014, when the United States had 1,609 oil rigs in production—the highest number of active oil rigs since Baker Hughes began tracking the data in 1944.

The number of gas rigs increased this week by 4, and now stand at 149, marking the thirteenth week of gas rig increases in the last 14 weeks. Related: Permian Drilling Costs Surge: Are The Days Of Cheap Oilfield Services Over?

The coveted Permian basin gained six rigs this week, and now has 301 oil and gas rigs—129 rigs more than the same week last year. Eagle Ford and Marcellus each saw a three-rig increase this week, while Cana Woodford lost five rigs. All basins except for Barnett, Mississippian, and Williston have reached or exceeded the number of rigs in production a year ago.

At 11:48am EST WTI was trading up 2% at $54.06, with the Brent Crude benchmark trading up 2.1% at $56.80. Within minutes of the rig count release, WTI’s gains began to retract, and was trading at $53.99 at 1:14pm EST.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




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