Oil, Gas Rigs Increase For Fifth Week In A Row

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Oil, Gas Rigs Increase For Fifth Week In A Row

Baker Hughes reported on Wednesday that the number of oil and gas rigs in the United States rose by 2 to 348.

The oil and gas rig count has risen for five weeks in a row for a four-week gain of 38.

The oil rig count increased by 1 this week, while the gas rig count rose by 2. Miscellaneous rigs fell 1.

Total oil and gas rigs in the United States are now down by 457 compared to this time last year.

The EIA’s estimate for oil production in the United States fell during the week ending December 11 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 decreased this week, by 20. Oil and gas rigs in Canada are now at 82 active rigs, and down 17 year on year.

The Permian basin saw a decrease in the number of rigs by 1 this week, bringing the total active rigs in the Permian to 173, or 232 below this time last year.

Check back later this week for the Frac Spread Count by Primary Vision.

WTI and Brent were both trading up on Wednesday after falling in the couple days prior over a new Covid-19 strain that has triggered multiple border crossing lockdowns around the world.

At 11:37 a.m. EDT, WTI was trading up 2.51% on the day at $48.20 and down roughly $0.80 since last Friday. Brent was trading up 2.44% on the day, at $51.30, also down $.80 per barrel since last Friday.

At 1:05 p.m. ET, Brent had slipped, trading at $51.24, with WTI trading at $48.13.

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