Get Exclusive Intel
Graph up WTI Crude •13 hours 83.14 +0.41 +0.50%
Graph up Brent Crude •12 hours 87.29 +0.18 +0.21%
Graph up Murban Crude •15 mins 87.54 +0.13 +0.15%
Graph down Natural Gas •13 hours 1.752 -0.005 -0.28%
Graph down Gasoline •13 hours 2.710 -0.003 -0.13%
Graph down Louisiana Light •2 days 86.60 -0.08 -0.09%
Start Trading CFDs Over 2,200 Different InstrumentsLink
Click Here for 150+ Global Oil Prices Link
Chart Louisiana Light • 2 days 86.60 -0.08 -0.09%
Chart Bonny Light • 1 day 88.69 -0.04 -0.05%
Chart Opec Basket • 2 days 87.35 -2.29 -2.55%
Chart Mars US • 169 days 77.67 -1.57 -1.98%
Chart Gasoline • 13 hours 2.710 -0.003 -0.13%

Click Here for 150+ Global Oil Prices Link

Start Trading CFDs Over 2,200 Different Instruments Link

Click Here for 150+ Global Oil Prices Link

Graph up Marine •1 day 87.52 +0.42 +0.48%
Graph up Murban •1 day 87.76 +0.24 +0.27%
Graph up Iran Heavy •1 day 83.27 +0.02 +0.02%
Graph down Basra Light •872 days 71.69 -3.60 -4.78%
Graph up Saharan Blend •1 day 88.05 +0.44 +0.50%
Graph down Bonny Light •1 day 88.69 -0.04 -0.05%
Start Trading CFDs Over 2,200 Different InstrumentsLink
Click Here for 150+ Global Oil Prices Link
Chart Bonny Light • 1 day 88.69 -0.04 -0.05%
Chart Girassol • 1 day 89.20 -0.10 -0.11%
Chart Opec Basket • 2 days 87.35 -2.29 -2.55%

Click Here for 150+ Global Oil Prices Link

Start Trading CFDs Over 2,200 Different Instruments Link

Click Here for 150+ Global Oil Prices Link

Graph down Canadian Crude Index •325 days 53.57 -1.23 -2.24%
Graph down Western Canadian Select •21 hours 68.90 -0.05 -0.07%
Graph down Canadian Condensate •1 day 84.25 -0.05 -0.06%
Graph down Premium Synthetic •1 day 82.50 -0.05 -0.06%
Graph down Sweet Crude •21 hours 78.60 -0.05 -0.06%
Graph down Peace Sour •21 hours 75.30 -0.05 -0.07%
Start Trading CFDs Over 2,200 Different InstrumentsLink
Click Here for 150+ Global Oil Prices Link
Chart Peace Sour • 21 hours 75.30 -0.05 -0.07%
Chart Light Sour Blend • 21 hours 78.35 -0.05 -0.06%
Chart Syncrude Sweet Premium • 21 hours 85.30 -0.05 -0.06%
Chart Central Alberta • 21 hours 75.70 -0.05 -0.07%

Click Here for 150+ Global Oil Prices Link

Start Trading CFDs Over 2,200 Different Instruments Link

Click Here for 150+ Global Oil Prices Link

Graph down Louisiana Light •2 days 86.60 -0.08 -0.09%
Graph up Domestic Swt. @ Cushing •2 days 79.21 +0.04 +0.05%
Graph up Giddings •2 days 72.96 +0.04 +0.05%
Graph down ANS West Coast •2 days 87.58 -0.24 -0.27%
Graph up West Texas Sour •2 days 78.31 +0.04 +0.05%
Graph up Eagle Ford •2 days 79.21 +0.04 +0.05%
Start Trading CFDs Over 2,200 Different InstrumentsLink
Click Here for 150+ Global Oil Prices Link
Chart Eagle Ford • 2 days 79.21 +0.04 +0.05%
Chart Oklahoma Sweet • 2 days 79.25 +0.00 +0.00%
Chart Kansas Common • 3 days 73.00 -2.50 -3.31%
Chart Buena Vista • 3 days 86.86 -2.40 -2.69%

Click Here for 150+ Global Oil Prices Link

Start Trading CFDs Over 2,200 Different Instruments Link

Click Here for 150+ Global Oil Prices Link

All Charts
  • 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days The United States produced more crude oil than any nation, at any time.
  • 21 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 6 hours How Far Have We Really Gotten With Alternative Energy
  • 2 hours Bankruptcy in the Industry

Breaking News:

Valero, Chevron Tap Trans Mountain Pipeline for West Coast Crude

Explaining the Israel and Iran Missile Exchange

Explaining the Israel and Iran Missile Exchange

In response to Iran's attack…

U.S. Sanctions on Venezuela Snap Back Into Place

U.S. Sanctions on Venezuela Snap Back Into Place

The U.S. has reimposed sanctions…

Hedge Funds Dump U.S. Energy Stocks to Buy Crude Options

Hedge Funds Dump U.S. Energy Stocks to Buy Crude Options

Following a rally in energy…

  1. Home
  2. Energy
  3. Energy-General
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

Share

Premium Content

U.S. Rig Count Continues To Rise As Canadian Rig Count Plunges

By Julianne Geiger - Mar 23, 2018, 12:00 PM CDT
Sunset oil rig

Baker Hughes reported another 5-rig increase to the number of oil and gas rigs this week.

The total number of oil and gas rigs now stands at 995, which is an addition of 186 rigs year over year.

The number of oil rigs in the United States increased by 4 this week, for a total of 804 active oil wells in the U.S.—a figure that is 152 more rigs than this time last year. The number of gas rigs rose by 1 this week, and now stands at 190; 35 rigs above this week last year.

The oil and gas rig count in the United States has increased by 71 in 2018.

Canada continued its severe losing streak, with a decrease of 58 oil and gas rigs, after losing 54 rigs on top last week, and a 29-rig loss the week before. At 161 total rigs, Canada now has 84 fewer rigs than it did a year ago.

Oil prices managed to climb substantially this week and were up again today prior to data release as the Saudi Energy Minister, Khalid al-Falih, said that he expected the production cuts to last into 2019. Other factors buoying prices are tensions in the Middle East after Saudi Arabia insisted that it would pursue nuclear power plans with or without the support of the United States, and would even work on developing nuclear weapons should Iran do the same. Weighing on prices this week is U.S. crude oil production, which continued its uptick in the week ending March 16, reaching 10.407 million bpd. Related: U.S. Electricity Sales Fall Again

At 12:28 pm EST, the price of a WTI barrel was trading up $1.11 (+1.73%) to $65.41—a ~$4.00 increase over last week’s prices. The Brent barrel was also trading up on the day, by $0.93 (+1.36%) at $69.31 $65.78. Meanwhile, WCS was trading at $35.80.

At 1:09pm EST, WTI was trading at $65.39 (+$1.09) and Brent was trading at $69.31 (+$0.93).

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Previous Post

Global C02 Emissions Rise For The First Time In 3 Years

Next Post

Oil Rebounds Despite Trade War Fears
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

Related posts

Leave a comment
  • Ann on March 23 2018 said:
    oil rig count in US rising. prices rising. Never told how much is shipped out of the US. Just maybe that is why the reserves are lower and somehow drives ujp the prices by the speculators
  • Mr Shugs on March 23 2018 said:
    Why are Canadian NG and OIl companies reducing their rigs at such high rates? Seem that you left us without any reason.
  • Jason on March 23 2018 said:
    The Americans have been attacking Canadian oil with paid protesters and smear campaigns. I have to admit, they out manoeuvred our government.(not that it’s difficult)
    Now Canada buys more oil from the US than we export. Canadian producers are stuck with billions of investment dollars gone and no pipelines.
  • TR James on March 23 2018 said:
    This is very typical of the Canadian patch and is wholey seasonal. Road bans due to thawing restrict heavy vehicles so that roads are not destroyed as the frost comes out. Check historical canadian rig counts; does the same thing every year. Funny thing is many traders seem to have interpreted it as doom and thus canuck e&p stocks declined markedly. Buy!
  • TR James on March 23 2018 said:
    Simply seasonal.
  • Jill on March 24 2018 said:
    The number of operating Canadian oil rigs has dropped because they always drop in spring, during spring melt, when mud and muskeg make roadways into northern Alberta oil wells impassable..
  • NickSJ on March 24 2018 said:
    Mr Shugs - the answer is probably related to the fact that export pipeline capacity to carry away the oil from Canada to the US and abroad is far below production capacity, so there is a huge discount on Canadian oil prices because it can't be moved to markets. Much more expensive rail capacity is not enough to make up the difference. Resistance by green groups has kept new capacity from coming online for years.

Leave a comment




Most Popular

A Rarely Used Technique Could Double U.S. Grid Capacity

A Rarely Used Technique Could Double U.S. Grid Capacity
Triple Junction Solar Cell Sets World Record Efficiency

Triple Junction Solar Cell Sets World Record Efficiency
Banks Unwilling To Finance $5 Trillion Global Nuclear Development

Banks Unwilling To Finance $5 Trillion Global Nuclear Development
Is Gold Heading to $3,000?

Is Gold Heading to $3,000?
Oil Moves Down on Crude Inventory Build

Oil Moves Down on Crude Inventory Build

ADVERTISEMENT



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

© OilPrice.com

The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.

Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.

Merchant of Record: A Media Solutions trading as Oilprice.com