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Oil Rig Count Collapse Beginning To Slow

Baker Hughes reported on Thursday that the number of oil and gas rigs in the US fell again this week, by 2, to 263, showing the second small loss in the number of active rigs in as many weeks after a long streak of major losses.

The total oil and gas rigs is now sitting at 700 fewer than this time last year.

The number of active oil and gas rigs in the United States has continued to decline over the last seventeen weeks.

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The number of oil rigs decreased for the week by 3 rigs, according to Baker Hughes data, bringing the total to 185—compared to 788 active rigs this time last year.

The total number of active gas rigs in the United States rose this week by a single rig, landing at 76 total rigs. This compares to 174 rigs a year ago.

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To compare active rigs with supply figures, the EIA’s estimate for oil production in the United States, which rose for the first time in eleven weeks for week ending June 19, held fast for the second week at 11 million barrels of oil per day for week ending June 26. Oil production in the United States is still 2.1 million bpd less than the all-time high for US production.

Canada’s overall rig count rose this week by 5, settling at 18 active rigs. Oil and gas rigs in Canada are now down 102 year on year. 

At 1:17pm, WTI was trading up 0.98% at $40.21 on the day and up almost $2 per barrel week over week. The Brent benchmark was trading up 1.31% at $42.58—up roughly $1.50 per barrel from this time last week. The positive sentiment is thought to be triggered by better than expected jobs data.

By Julianne Geiger for Oilprice.com

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