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U.S. Oil Rig Count Leaps Higher

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 12 to 205—a gain that may push prices down further.

The total number of active oil and gas rigs increased for the week by 13, with oil rigs rising by 12 and gas rigs rising by 1.

Total oil and gas rigs in the United States are now down by 569 compared to this time last year.

The EIA’s estimate for oil production in the United States fell during the week ending October 9—the last week for which there is data, to 10.5 million barrels of oil per day. U.S. oil production is down 2.6 million bpd from its all-time high reached earlier this year.

Canada’s overall rig count stayed the same this week. Oil and gas rigs in Canada are now at 80 active rigs, and down 63 year on year. 

Check back here later today for an update on Frac Spread Counts provided by Primary Vision.

WTI was trading down on Friday, as was the Brent benchmark, with both set to finish out the week lower than last week as Europe dished out new lockdown measures and several industry reports, including the IEA and OPEC, painted gloomy pictures about oil demand’s slow recovery.

At 12:15 pm EDT, WTI was trading down 0.37% at $40.81. Brent was trading down 0.51% on the day, at $42.94, down roughly $.50 on the week.   

By 1:04 pm, WTI was trading at $40.86 per barrel, with Brent changing hands at $42.96 per barrel, with oil prices starting to dip under the weight of added rigs.

By Julianne Geiger for Oilprice.com

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