The US oil and gas rig count rose for the first time in eight weeks, according to Baker Hughes, increasing by just 1 for the week, according to Baker Hughes, and US oil production has hit a new record high for the week.
The total oil and gas rig count now stands at 856, or 207 down from this time last year.
The total number of active oil rigs in the United States increased by 2 according to the report, reaching 712. The number of active gas rigs decreased by 1 to reach 143.
Oil rigs have seen a loss of 157 rigs year on year, with gas rigs down 50 since this time last year, compared to 858 and 187 active rigs, respectively, at the beginning of the year.
Even though the number of oil rigs have declined by 165 this year alone, production has grown from 11.7 million bpd at the beginning of the year, to a brand new record for the United States, 12.6 million bpd for week ending September 4.
Oil prices were trading up on Friday ahead of the data after reports came in that an Iranian oil tanker was struck with what appeared to be two missiles. Iran has called the incident a terrorist incident.
At 12:08 pm EDT today, WTI was up $0.71 (+1.33%) at $54.26—which is $1.50 over the level last week. Brent crude was trading up on the day as well, by $0.92 (+1.56%) at $60.02, or almost $2 over last week.
Canada’s overall rig count increased this week again, with oil and gas rigs climbing by 2, after last week’s 17-rig increase. Oil and gas rigs in Canada are down 49 year on year.
WTI was trading up 1.53% shortly after data release, while Brent was trading up 1.86%.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com: