Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 12 to 338.
The total number of active oil and gas rigs increased for the week by 15—the largest increase to oil and gas rigs since January—with oil rigs increasing by 12 and gas rigs rising by 4. Miscellaneous rigs fell by 1.
Total oil and gas rigs in the United States are now down by 461 compared to this time last year.
The EIA’s estimate for oil production in the United States stayed at 11.1 million barrels of oil per day for the second week in a row.
Canada’s overall rig count also increased this week, by 9. Oil and gas rigs in Canada are now at 111 active rigs, and down 42 year on year.
Basins that saw gains this week include the Permian (+4), the Eagle Ford (+3), the Marcellus (+2), and DJ-Niobrara, Granite Wash, and Utica (+1 each). The only basin that saw a loss this week was the Cana Woodford, which lost one rig.
Check back later today for the Frac Spread Count by Primary Vision.
WTI and Brent were both trading down on Friday after making significant gains earlier in the week on vaccine optimism. Brent settled above $50 on Thursday, for the first time since March.
Oil prices were holding steady after the release that showed the largest single-week gain in oil and gas rigs since January.
At 1:31 p.m. ET, Brent was still trading at $50.02.
By Julianne Geiger for Oilprice.com
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