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U.S. Rig Count Climbs As Crude Prices Rally

  • The number of oil and gas rigs in the United States rose by 5 this week.
  • The EIA’s estimate for oil production in the United States for the week ending October 1 rose 200,000 bpd, to an average of 11.3 million barrels per day

The number of oil and gas rigs in the United States rose by 5 this week, according to Baker Hughes, bringing the total number of additions since the start of the summer to 85.

The total rig count is now at 533, up 264 from this time last year, steadfastly making up lost ground from the 790 active rigs as of March 2020.

The U.S. oil rig count rose this week to 433—a 5-rig increase. The number of gas and miscellaneous rigs again stayed the same.

The EIA’s estimate for oil production in the United States for the week ending October 1 rose 200,000 bpd, to an average of 11.3 million barrels per day—now just 200,000 bpd under pre-Hurricane Ida levels as producers appear to have brought back online most of the production lost during the hurricane.

Canada’s overall rig count increased by 2. Active oil and gas rigs in Canada are now at 167, up 87 on the year. 

The rig count in the Permian Basin rose by 3 this again week, while the number of rigs in the Eagle Ford rose by 1.  The Permian’s total rig count is now 136 rigs above what it was this time last year.

Primary Vision’s Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose by 5 to 262 for week ending October 1. The frac count is up by almost 130 for the year.

At 12:00 p.m. EDT, oil prices were trending up on the day. WTI was trading at $79.82—up 1.94% on the day and more than $4 on the week.  The Brent benchmark was trading at $83.28 78.56—up 1.62% on the day and nearly $5 per barrel on the week.  

By Julianne Geiger for Oilprice.com

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