• 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
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 23 hours The United States produced more crude oil than any nation, at any time.
  • 10 hours China deletes leaked stats showing plunging birth rate for 2023
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Bad news for e-cars keeps coming
Could Deflecting the Sun Help Cool the Planet?

Could Deflecting the Sun Help Cool the Planet?

Scientists conducted a pilot test…

China's Oil Demand Threatened by LNG Trucks

China's Oil Demand Threatened by LNG Trucks

The boom in LNG trucking…

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

Rig Count Climbs Higher After Last Week’s Intermission

oil rigs

The number of active oil and gas rigs in the United States rose again this week, this time by 12, resuming what was the US shale patch’s impressive run of 23 weeks of steady gains, prior to last week’s decrease of a single rig.

The number of oil rigs in operation increased by 7, while gas rigs increased by five—putting to rest any lingering optimism that last week’s decrease in rigs was a sign of an upcoming downward trend in the number of active rigs. Combined, the total oil and gas rig count in the US now stands at 952 rigs, which is 512 rigs over a year ago today.

Prices were down earlier on Friday—with WTI trading down 2.81% on the day at $44.24. Brent was down 2.85% at $46.74 at 12:17pm EST. While US crude oil inventories are in the “upper half of the average range for this time of year” according to yesterday’s EIA report, and while rumors surfaced today—again—that OPEC would consider deeper cuts and that Russia would at least consider it, prices continued to fall. The sharp increase in rigs will undoubtedly weigh further on prices, and it looks like US shale is still resisting warnings that its strong weekly gains are set to wreck the oil market.

(Click to enlarge)

In the first eight weeks of 2017, oil rigs increased by an average of 10 per week. The following eight weeks, from March 3 until April 21, oil rigs gained an average of 11 per week. The eight-week period ending June 16, however, showed an average of only 7 oil rigs added per week, suggesting that the pace at which rigs are being added in the US has slowed.

At 13 minutes after the hour, WTI was sliding further, down 3.19% at $44.07, with Brent trading down 3.12% at $46.61.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

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