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Oil Up Despite Another Rig Count Increase

Editor OilPrice.com
·1 min read

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 3 to 351.

The oil and gas rig count has risen for six weeks in a row for a total gain of 41.

The oil rig count increased by 3 this week, while the number of gas rigs remained unchanged. The number of miscellaneous rigs were also unchanged.

Total oil and gas rigs in the United States are now down by 445 compared to this time last year.

The EIA’s estimate for oil production in the United States stayed the same during the week ending December 25, at 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 23. Oil and gas rigs in Canada are now at 59 active rigs, and down 26 year on year.

The Permian basin saw an increase in the number of rigs by 2 this week, bringing the total active rigs in the Permian to 175, or 228 below this time last year.

Related: The Countries Set To Win Big On The Lithium Boom

The Frac Spread Count by Primary Vision fell 10 this week to 136, from 146 in the week prior.

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

At 4:00 p.m. EDT, WTI was trading up 0.56% on the day at $48.27, essentially flat on the week, while Brent was trading up 0.49% on the day, at $51.34, also flat on the week.

By Julianne Geiger for Oilprice.com

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