• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 1 hour US after 4 more years of Trump?
  • 2 days Daniel Yergin Book is a Reality Check on Energy
  • 3 days Permian in for Prosperous and Bright Future
  • 27 mins Something wicked this way comes
  • 56 mins Why NG falling n crude up?
  • 2 days Famine, Economic Collapse of China on the Horizon?
  • 2 days Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 3 days Gepthermal fracking: how to confuse a greenie
  • 3 days YPF to redeploy rigs in Vaca Muerta on export potential
  • 3 days Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 17 hours The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 2 days Open letter from Politico about US-russian relations
  • 4 days Surviving without coal is a challenge!!
Goldman Sachs Made $100 Million Off Tesla Trades This Year

Goldman Sachs Made $100 Million Off Tesla Trades This Year

Major financial institutions seem to…

A Major Power Play In Libya

A Major Power Play In Libya

The conflict in Libya is…

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. Rig Count Collapse Continues Despite Soaring Oil Prices

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 21, falling to 318, with the total oil and gas rigs sitting at 665 fewer than this time last year—a more than 67% drop off in a single year.

The number of oil rigs decreased for the week by 21 rigs, according to Baker Hughes data, bringing the total to 237—a 560-rig loss year over year. It is the fewest number of active oil rigs in play since mid-2009.

The total number of active gas rigs in the United States held at 79 according to the report. This compares to 186 rigs a year ago.

The significant fall in the rig count over the last couple of months is also reflected in the EIA’s estimate for oil production in the United States, which fell again this week to 11.5 million barrels of oil per day on average for week ending May 15, which is 1.6 million bpd off the all-time high and 100,000 bpd lower than the week prior. It is the seventh straight weekly production decline.

Canada’s overall rig count decreased by 2 rigs this week, to 21 rigs. Oil and gas rigs in Canada are now down 57 year on year. 

At 12:08 pm, WTI was trading down 2.92% at $32.93. Although down on the day this is nearly $4 up week over week. The Brent benchmark was trading down 3.22% at $34.90 on the day, but up nearly $3 per barrel week over week. The price dip on Friday is courtesy of market fears after China on Friday did not release annual economic outlook as was expected.  

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • PostsLikeThis StopAllowing on May 22 2020 said:
    Well yes,
    It may take longer than the snap of your fingers to restart the infrastructure, get people back on site, make sure they comply with COVID-19 safety guidelines if they deem it necessary, etc.

    Duh

Leave a comment




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