Send me real-time posts from this site at my email
Oil Price

Oil Rig Count Inches Higher In Coronavirus Plagued Markets

Baker Hughes reported that the number of oil and gas rigs in the US rose this week by 1 to 791, with the total oil and gas rigs clocking in at 265 less than this time last year.

The number of oil rigs increased for the week, by 1 rig, according to Baker Hughes data, bringing the total to 679—a 174-rig loss year over year.

The total number of active gas rigs in the United States stayed the same according to the report, at 110. This compares to 194 a year ago. 

The miscellaneous rig count stayed the same this week as well, for a total of 2 miscellaneous rigs.

Meanwhile, oil production held steady at 13 million bpd for the second week in a row,  according to data provided by the Energy Information Administration. The 13 million bpd figure represents a high for the United States.

The number of rigs in the most prolific basin, the Permian, rose by 1 this week to 409, compared to 473 rigs one year ago. The second largest basin, the Eagle Ford, saw no change in the number of active rigs.

The WTI benchmark at 12:50pm was trading at $53.40 (-0.89%) per barrel—roughly $1.70 per barrel above last week levels as it looked less likely on Friday that OPEC+ would get the job done to cut even more production to account for the diminished oil demand from the world’s largest oil importer, China.  

The Brent benchmark was trading at $57.89 (-0.91%)—roughly $1 per barrel above last week’s levels.  

Canada’s overall rig count decreased by 11 rigs this week, to a total of 244 rigs. Oil and gas rigs in Canada are now up 32 year on year. 

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Read this article on OilPrice.com

Welcome!!! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue