• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 6 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 5 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 2 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 9 hours Apology Accepted!
  • 1 hour Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 12 hours U.S. natural gas at major disadvantage in Europe and China.
  • 13 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 14 mins Why Oil could hit $100
  • 27 mins The Political Genius of Donald Trump
  • 13 hours Putin Paid Militants to Kill US Troops
  • 18 hours CoVid in Spain, 9 months before China
  • 17 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 18 hours The world is headed for big problems - interview with very smart economist

Breaking News:

OPEC Production Falls To Three Decade Low

Chinese Oil Majors Could Form A Powerful Buyers Club

Chinese Oil Majors Could Form A Powerful Buyers Club

China’s state-owned oil companies—Sinopec, CNOOC,…

WTI Jumps To $40 On Demand Recovery

WTI Jumps To $40 On Demand Recovery

The U.S. benchmark WTI Crude…

Oil Prices Crash On Second Wave Of COVID-19

Oil Prices Crash On Second Wave Of COVID-19

Oil prices have taken a…

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

Premium Content

Oil Holds Steady Amid Small Rig Count Decline

The the number of active oil and gas rigs in the United States fell again this week according to Baker Hughes, as the overall rig count reaches the lowest point since February 2018.

The total number of active oil and gas drilling rigs in the United States fell by 2 according to the report, with the number of active oil rigs increasing by 1 to reach 789 and the number of gas rigs decreasing by 4 to reach 177. Miscellaneous rigs saw an increase of one.

The combined oil and gas rig count is 967, with oil seeing a 73-rig decrease year on year and gas rigs down 11 since this time last year. The combined oil and gas rig count is down 85 year on year.

Year-to-date, the oil rig count has fallen from 877 active rigs since the beginning of the year to 789, while gas rigs have fallen from 198 to 177 during that same time.

Despite the rig decline year on year, US production is still almost 2 million barrel per day higher year on year.

At 8:46am EST today WTI was up $0.40 (+.70%) at $57.47—an almost $5 per barrel increase from last Friday on increased tensions between the United States and Iran continue to push up prices.  

The Brent benchmark was trading up on the day as well, by $0.86 (+1.33%) at $65.31—a $3 per barrel increase from last week.  

Robust US oil production is also keeping the prices in check, although falling back for the second week in a row on June 14 to 12.2 million bpd down from the all-time high of 12.4 million bpd.

Canada’s overall rig count increased by 12. Canada’s oil rigs are still down by 23 year on year, with gas rigs down 18 year on year.

WTI was trading up 0.79% on the day at 1:12pm EST, with Brent up 1.16%.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Old-Ruffneck Smith on June 23 2019 said:
    Has anyone noticed that when USA drops rigs per week the Canadians gain rigs? Just seems strange...

Leave a comment




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