Oil, Gas Rigs Increase for Fourth Week in a Row

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 5 to 263.
The total number of active oil and gas rigs increased for the week by 8. The oil and gas rig count has risen for four weeks in a row for a four-week gain of 36. Oil rigs increased by 5 and gas rigs rose by 2. Miscellaneous rigs rose by 1.
Total oil and gas rigs in the United States are now down by 467 compared to this time last year.
The EIA’s estimate for oil production in the United States fell to 11.0 million barrels of oil per day, 2.1 million bpd off the all-time high reached earlier this year.
Canada’s overall rig count also decreased this week, by 9 for the second week in a row. Oil and gas rigs in Canada are now at 112 active rigs, and down 47 year on year.
The Permian basin saw an increase of 6 rigs this week, but rigs in the basin are still down 240 from a year ago, for a total of 174 rigs.
Check back later today for the Frac Spread Count by Primary Vision.
WTI and Brent were both trading up on Friday, extending the gains made earlier in the week on OPEC and vaccine optimism. Oil prices are now at 9-month highs.
At 11:46 a.m. EDT, WTI was trading up 1.34% on the day at $49.01 and up roughly $2.50 on the week. Brent was trading up 1.13% on the day, at $52.08, up $2 week on week.
At 1:07 p.m. ET, Brent had slipped , trading at $51.97, with WTI trading at $48.90. Both benchmarks were still up on the day and the week.

About Parvin Faghfouri Azar

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