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99 Oil Rigs Gone And Counting: Rig Count Falls Again

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Via Oilprice.com

Wolfcamp rig

The US oil and gas rig count continued to fall this week, according to Baker Hughes, falling another 3 rigs for the week, according to Baker Hughes.

For oil rigs, this week marks the twelfth decrease out of the last fourteen weeks, falling 99 rigs in that timeframe.

The total oil and gas rig count now stands at 803, or 276 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 671. The number of active gas rigs stayed at 129 for the second week.  

The last time oil rigs were this low was in March of 2017.

By state, Texas has seen a drop of 126 year on year, while Oklahoma sunk by 92 to hit 52 rigs.

Even though the number of oil rigs have declined by 206 this year alone, production has grown from 11.7 million bpd at the beginning of the year to an all-time high of 12.8 million bpd for the second week in a row.

Oil prices were down on Friday ahead of the data, with WTI at 11:51am at $57.76 per barrel (-$0.82), which is absolutely flat from last week. Brent was trading down at $63.29 (-$0.68), which is also nearly flat week over week.

Canada’s overall rig count increased this week, with oil and gas rigs gaining 3, after last week’s 6-rig decrease. Oil and gas rigs in Canada now stand at 137, down 67 year on year. 

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

By Julianne Geiger for Oilprice.com

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