• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 4 hours Oil prices going Up? NO!
  • 13 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 13 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 18 hours Oil prices going down
  • 21 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 days Could Venezuela become a net oil importer?
  • 11 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 2 days Oil Buyers Club
  • 18 hours Saudi Arabia turns to solar
  • 5 hours Kenya Eyes 200+ Oil Wells
  • 2 days Gazprom Exports to EU Hit Record
  • 5 hours Are Electric Vehicles Really Better For The Environment?
  • 20 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 1 day Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 19 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 11 hours OPEC soap opera daily update
Alt Text

Oil Markets Unmoved By North Korea Summit

Today’s North Korea summit, and…

Alt Text

Did OPEC Need To Cut Oil Output At All?

Global oil demand continues to…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Trending Discussions

U.S. Rig Count Rises To 8 Month High As Permian, Eagle Ford See Decline

Eagle Ford rig

Houston oilfield services company Baker Hughes, Inc. showed a four-rig increase in the United States oil count, marking 16 straight weeks of no-decline in the active oil rig figure and signaling the continuation of a strong recovery for the country’s drilling activity.

The oil rig count now stands at an eight-month high at 432 sites – but still 163 rigs lower than the 595 figure that we saw one year ago.

Last week, the US oil rig count rose 3 to 428, while the gas rig count fell 2 to 94.

The number of active gas rigs rose by eleven, the biggest jump since late January. The gas rig total stood at 105, which is a 10-month high, but 87 rigs short of last year’s 192.

Zero Hedge predicts the trend of the increasing number of rigs will stop soon, because the counts have tracked the lagged oil price “very closely” over the past few weeks.

Canada saw a three-rig increase in its oil count and a three-rig decrease in its gas count, which meant a zero-sum difference in its total count.

State-wise, Louisiana saw a massive six-rig rise. New Mexico and Oklahoma saw a more modest three-rig increase each.

The biggest decreases by basin were the Eagle Ford and the Permian, which lost a total of six rigs.

Cana Woodford gained four rigs, while DJ-Niobrara, Haynesville and Marcellus saw a two-site increase.

Brent oil traded down by 0.71 percent at $51.66 at the time of the report’s writing. West Texas Intermediate barrel prices stood at $50.11, down by 0.65 percent.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • rjs on October 14 2016 said:
    the Zero Hedge graph assumes a constant relationship between the price of oil and subsequent drilling, as if there were no improvements in drilling efficiency over time...

Leave a comment




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