• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 12 mins Would bashing China solve all the problems of the United States
  • 3 hours Let’s Try This....
  • 2 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 3 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 49 mins 60 mph electric mopeds
  • 58 mins Pompeo's Hong Kong
  • 2 hours New Aussie "big batteries"
  • 6 hours China to Impose Dictatorship on Hong Kong
  • 20 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 4 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 2 hours Oil Markets Could Soon Face A Devastating Supply Crunch
  • 16 hours Backlash Against Chinese
  • 2 days Iran's first oil tanker has arrived near Venezuela
The 5 Oil Tankers That Could Start A War

The 5 Oil Tankers That Could Start A War

Five oil tankers full of…

Adjusting To The New Reality In Oil Markets

Adjusting To The New Reality In Oil Markets

Oil markets rebounded strongly over…

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