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Oil Rig Count Falls For The First Time In 2 Months

Editor OilPrice.com
·2 min read

Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 5 to 231, ending eight weeks of increases to oil rigs in the U.S.

The total number of active oil and gas rigs decreased for the week by 2, with oil rigs decreasing by 5 and gas rigs rising by 3.

Total oil and gas rigs in the United States are now down by 493 compared to this time last year.

The EIA’s estimate for oil production in the United States held fast in the week ending November 13—at 10.9 million barrels of oil per day in the most recent reporting period, with U.S. production still rangebound under 11.1 million barrels per day.

Canada’s overall rig count rose by 12 this week. Oil and gas rigs in Canada are now at 101 active rigs, and down 36 year on year. 

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

Along with the BH rig count falling this week, the frack spread count from Primary Vision—which tracks completion crews—was also down for the week. The frack spread count now stands at 127—down 3 for the week, and down 208 since the start of the year. The count is still up, however, from the beginning of May, when the frack spread count hit just 45.

WTI and Brent were both trading up on Friday prior to the release of the rig count, with both set to finish out higher on the week despite new lockdowns in multiple locations throughout the world and despite Libya’s increased production, which has now reached 1.2 million bpd.

Related: The Battle For Dominance In China’s Oil Market

At 12:36 pm EDT, WTI was trading up 0.10% on the day at $41.78 and up roughly $1.50 per barrel week on week. Brent was trading up 0.57% on the day, at

$44.45, also up roughly $1.50 on the day.   

By 1:08 pm, WTI was trading at $41.83 per barrel, with Brent changing hands at $44.56 per barrel.

By Julianne Geiger for Oilprice.com

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