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Oil And Gas Rig Count Climbs Amid Price Rally

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 8 this week, bringing the total rig count to 448.

In the week prior, the U.S. oil and gas rig count increased by 2.

The total number of active oil and gas drilling rigs in the U.S. is now 74 more than this time last year.

The oil rig count increased by 2 this week, bringing the total oil rig count to 344 this week. The number of gas rigs increased by 7 to 103. The number of miscellaneous rigs decreased by 1.

The EIA’s estimate for oil production in the United States for the week ending April 30—the last available data—was unchanged this week at an average of 10.9 million barrels per day. The EIA estimates that U.S. oil production will reach a modest 11.04 million bpd this year, after falling from the 13.1 million bpd peak production reached in February 2020, before the pandemic crushed oil demand.

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Canada’s overall rig count also increased this week by 4. Oil and gas rigs in Canada now sit at 55 active rigs, up 29 on the year. 

The rig count in the Permian basin increased by 5 this week. At 229 rigs, the Permian’s total rig count is now 31 rigs above what it was this time last year, but hundreds below the two years ago level.

The Frac Spread Count provided by Primary Vision shows that fracking crews rose for week ending May 7, after sliding for two weeks in a row last week.  The frac spread count is now 221, compared to 45 frac crews in May 2020. The frac spread count estimates the number of completion crews finishing off previously drilled wells. 

At 9:49 a.m. EDT, WTI was trading down $0.31 per barrel on the day at $64.40—but still up roughly $1 per barrel on the week even as India, the world’s third-largest oil importer, continues to battle a record number of Covid-19 infections.

The Brent benchmark was trading up $0.32 per barrel on the day, at $68.41 per barrel.

By Julianne Geiger for Oilprice.com

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