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U.S. Oil Rigs Dip Below 200 For First Time Since 2005

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 279, with the total oil and gas rigs sitting at 690 fewer than this time last year.

While the number of active rigs in the United States has continued to decline over the last fourteen weeks, this week’s decline is smaller.

The number of oil rigs decreased for the week by 7 rigs, according to Baker Hughes data, bringing the total to 199—compared to 788 active rigs in play this time last year. It is the first time that oil rigs in the United States have fallen below 200 since August 2005.

The total number of active gas rigs in the United States increased by 2 to 78 according to the report. This compares to 181 rigs a year ago.

The significant fall in the rig count over the last couple of months is also reflected in the steady decline of EIA’s estimate for oil production in the United States, which fell again this week to 11.1 million barrels of oil per day on average for week ending June 5, which is 2 million bpd off the all-time high and 100,000 bpd lower than the week prior. It is the tenth straight weekly production decline.

Canada’s overall rig count held fast this week at 21 rigs. Oil and gas rigs in Canada are now down 86 year on year. 

At 10:14 am, WTI was trading up 1.32% at $36.82 on the day, but more than $2 per barrel down on the week—the first weekly slide in seven weeks. The Brent benchmark was trading up 1.89% at $39.28 on the day—and nearly $3 per barrel down from this time last week as the OPEC+ agreement extension disappointed, and after the Fed spread gloom about the economic outlook.

By Julianne Geiger for Oilprice.com

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