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Shale Slowdown Continues As Oil Rig Count Falls Again

The US oil and gas rig count continued to fall this week, according to Baker Hughes, falling by 1 rig for the week.

For oil rigs, this week marks the thirteenth decrease out of the last fifteen weeks, falling 102 rigs in that timeframe.

The total oil and gas rig count now stands at 802, or 274 down from this time last year.

The total number of active oil rigs in the United States decreased by 3 according to the report, reaching 668. The number of active gas rigs increased by 2, settling at 131 for the second week.

By state, Texas has seen a drop of 126 year on year, while Oklahoma sunk by 94 to hit 51 rigs.

Even though the number of oil rigs has declined by 209 this year alone, production has grown from 11.7 million bpd at the beginning of the year to an all-time high of 12.9 million bpd—another brand new high for the United States.

Oil prices were down on Friday ahead of the data, with WTI at 1:42 pm at $57.86 per barrel (-$0.55), which is flat from last week. Brent was trading down at $62.76 (-$0.45), which is $0.50 under last week’s figures.

Canada’s overall rig count decreased this week, with oil and gas rigs falling by 11, after last week’s 3-rig increase. Oil and gas rigs in Canada now stand at 126, down 73 year on year.

At 7 minutes past the hour, WTI was trading at $57.85 and Brent was trading at $63.35.

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