The US oil and gas rig count continued its downward slide this week, according to Baker Hughes, as the rig count piles on a string of losses with a drop of 11 rigs for the week, according to Baker Hughes.
For oil rigs specifically, this week marks eleven decreases out of the last thirteen weeks, falling 96 rigs in that timeframe.
The total oil and gas rig count now stands at 806, or 276 down from this time last year.
The total number of active oil rigs in the United States decreased by 10 according to the report, reaching 674. The number of active gas rigs fell by 1 to reach 129.
Oil rigs have seen a loss of 214 rigs year on year, with gas rigs down 65 since this time last year.
By state, Texas has seen a drop of 127 year on year, while Oklahoma sunk by 94 to hit 52 rigs.
Even though the number of oil rigs have declined by 203 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 week ending November 8, marking the first production increase after five weeks of holding fast at 12.6 million bpd. The production growth represents an increase of more than 1 million bpd from the beginning of the year.
Oil prices were up on Friday ahead of the data, with WTI up slightly at 12:17pm at $57.76 per barrel (+$0.99), which is an increase of roughly $0.40 from last week. Brent was trading up at $63.39 (+$1.11), which is up nearly $1 from last week.
Canada’s overall rig count decreased this week, with oil and gas rigs falling by 6, after last week’s 2-rig decrease. Oil and gas rigs in Canada now stand at 134, down 63 year on year.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com: