• 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
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days America should go after China but it should be done in a wise way.
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Red Sea Strikes and China's Economic Stimulus Support Oil Prices

Red Sea Strikes and China's Economic Stimulus Support Oil Prices

The Houthi's renewed maritime offensive…

Warm Winter Drags U.S. Natural Gas Prices to Three-Decade Low

Warm Winter Drags U.S. Natural Gas Prices to Three-Decade Low

Warmer-than-average winter temperatures in the…

A Ban on LNG Exports Could Boost Carbon Emissions

A Ban on LNG Exports Could Boost Carbon Emissions

President Biden’s recent decision 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

Premium Content

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

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.

ADVERTISEMENT

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





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




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