Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 10 to 236—the eighth week of oil rig additions.

The total number of active oil and gas rigs increased for the week by 12, with oil rigs rising by 10 and gas rigs rising by 2.

Total oil and gas rigs in the United States are now down by 494 compared to this time last year.

The EIA’s estimate for oil production in the United States held fast in the week ending November 6—at 10.5 million barrels of oil per day in the most recent reporting period, with U.S. production rangebound under 11.1 million barrels per day.

Canada’s overall rig count rose by 3 this week. Oil and gas rigs in Canada are now at 89 active rigs, and down 45 year on year. 

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

WTI was trading down on Friday, as was the Brent benchmark, with both set to finish out the week lower than last week as Europe implements new lockdowns amid a surge in the number of new coronavirus cases and Libya increases its production to roughly 1.2 million bpd.

At 10:19 am EDT, WTI was trading down 1.79% at $40.37, but up nearly $3 per barrel week on week. Brent was trading down 1.54% on the day, at $42.86, also up roughly $3 on the week.   

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By 1:16 pm, WTI was trading at $40.36 per barrel, with Brent changing hands at $43.01 per barrel as the increased rig count pressured the market.

By Julianne Geiger for Oilprice.com

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