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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.

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U.S. Rig Count Falls Slightly As Canada’s Rig Count Tanks

Eagle ford rig

The number of active oil and gas rigs dipped this week, according to Baker Hughes data, decreasing by 2 rigs, bringing the total rigs to 929 rigs, which is an addition of 271 rigs for the 2017 calendar year.

The number of oil rigs in the US stayed the same for the second week in a row, while the number of gas rigs decreased by 2. The number of oil rigs stands at 747 versus 525 a year ago. The number of gas rigs in the US now stands at 182, up from 132 a year ago.

At 10:04pm EST, the price of a WTI barrel was down $0.20 (+0.33%) to $60.04—a 2.5-year high, while the Brent barrel was trading up $0.18 (+0.27%) to $66.34, largely on the back of weeks of falling US crude oil inventory, and a surprise decrease in US crude oil production.

US crude oil production has been on a steady upward trajectory for nearly a quarter, which has previous limited price spikes that came on the back of the Forties shutdown and a pipeline bombing in Libya. But US crude oil production for the week ending December 22 came in at 9.754 million barrels per day—a hair off the previous week’s high, and breaking a nine-week production increase in the US. While the 9.754-million-barrel-per-day production level is still the second highest, the fact that production didn’t increase for a tenth week bolstered confidence. Related: Oil Prices Steady After EIA Reports Crude Draw

The most alarming news this week is Canada's rig count, which saw a decrease of 58 oil rigs and 16 gas rigs.

The Permian basin rig count stayed flat this week, but stands at 134 rigs above this same week last year. Williston and Haynesville basins lost rigs this week, with DJ-Niobrara gained 3.

At 1:09pm EST, WTI was trading at $60.36 (+$0.52) with Brent trading at $66.82 (+$0.66).

By Julianne Geiger for Oilprice.com

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  • Chris on December 29 2017 said:
    Well, it is not surprising at all for Canada poor stats. The Trump Administration is cutting taxes, is cutting regulations, is not going to participate in the Paris Climate Agreement, where as Canada is imposing more regulations, more taxes federally a provincially, Carbon Tax federal and provincial (Alberta is increasing carbon tax). It takes 30 years (generation) to build the pipeline.
    This is all Globalist, Green agenda. Canada must stay Green and Cold ( -30 C today). Canadians will have to get used to socialist medicine being served by all levels of governments. Canadian Government will look after us from cradle to grave. Canada ah.....
    Just to ease off the pain, and make us feel a little bit better, the Canadian Communist Trudeau government is bringing on legal access to Marijuana. No more oil, no more carbon emissions from "dirty tarsands" sish.
    Now, we have new growth GREEN business opportunities - WEED.
    This will be the life after Oil. Smoke WEED, and watch more hockey. Sooo Canadian:)
  • Jpeppers on December 30 2017 said:
    Typically the Canadian rig count falls this type of year due to the Christmas break. This is not alarming and I would expect to see counts continue to rise ahead of spring break up.
  • David J Lawson on January 01 2018 said:
    Every year since I have been in the Canadian oil patch - rig counts drop drastically at Christmas and rebound sharply in January. Hard to believe in the context of lower activity and higher volatility 2017-18 holiday season that there is significance to this. Hysterical reporting and a snapshot out of historical context. This phenomenon can be clearly seen here by using a 5 year range (https://boereport.com/canada-rig-count/).

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