• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 28 mins is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 7 hours Why Trump will win the wall fight
  • 2 hours students walk out of school in protest of climate change
  • 14 hours Prospective Cause of Little Ice Age
  • 15 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 13 hours L.A. Mayor Ditches Gas Plant Plans
  • 5 hours Maduro Asks OPEC For Help Against U.S. Sanctions
  • 2 days Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 2 days Ford In Big Trouble: Three Recalls In North America
  • 18 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 24 hours IT IS FINISHED. OPEC Victorious
  • 2 days Why Is Japan Not a Leader in Renewables?
Alt Text

Russian Energy Minister: We Avoided $25 Oil With OPEC Deal

Russian Energy Minister Novak has…

Alt Text

How Long Will This Oil Rally Last?

Oil prices have been trading…

Alt Text

Which Oil Giant Generates The Most Cash?

Shell has posted, for a…

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

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:




Download The Free Oilprice App Today

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