Oil, Gas Rigs Increase For Seventh Straight Week

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Oil, Gas Rigs Increase For Seventh Straight Week

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 9 to 360.

The oil and gas rig count has risen for seven weeks in a row for a total gain of 50.

The oil rig count increased by 8 this week, while the number of gas rigs increased by 1. The number of miscellaneous rigs was also unchanged.

Total oil and gas rigs in the United States are now down by 421 compared to this time last year.

The EIA’s estimate for oil production in the United States stayed the same during the week ending January 1, at 11.0 million barrels of oil per day for the fourth week in a row, 2.1 million bpd off the all-time high reached earlier this year.

Canada’s overall rig count increased this week, by 58. Oil and gas rigs in Canada are now at 117 active rigs, and down 86 year on year.

The Permian basin saw an increase in the number of rigs by 4 this week, bringing the total active rigs in the Permian to 179, or 218 below this time last year.

Check back here later for an exclusive early peek at the Frac Spread by Primary Vision.

WTI and Brent were both trading up on Friday despite increased coronavirus-related lockdowns after Saudi Arabia announced earlier in the week that it would curb its own oil production by an extra 1 million barrels per day for the next two months on a voluntary basis.

At 1:14 p.m. EDT, WTI was trading up 1.91% on the day at $51.80, up more than $3 on the week, while Brent was trading up 2.21% on the day, at $55.58, also up more than $3 for the week.

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