The number of oil and gas rigs in the United States is up 5 this week, according to Baker Hughes, with the total rig count holding fast at 475, which represents an increase of 212 rigs this year.
In the week prior, the U.S. oil and gas rig count stayed the same, holding fast at 470.
The total number of active oil and gas drilling rigs in the U.S. is now 205 more than this time last year.
The oil rig count rose by 4 this week to 376. The number of gas rigs increased by 1 and now sits at 99. The number of miscellaneous rigs stayed the same.
The EIA’s estimate for oil production in the United States for the week ending June 25—the last available data—remained the same as the previous week at an average of 11.1 million barrels per day.
Canada’s overall rig count increased this week as well, by 10. Oil and gas rigs in Canada now sit at 136 active rigs, up 118 on the year.
The rig count in the Permian basin decreased by 1 this week. At 237 rigs, the Permian’s total rig count is now 111 rigs above what it was this time last year.
The Frac Spread Count provided by Primary Vision shows that fracking crews decreased by 3 for the week ending June 25th, down to 232 from 235 in the week prior. The frac spread count estimates the number of completion crews finishing off previously drilled wells. This frac count is up by more than 162 so far this year.
At 1:15 p.m. EDT, WTI was trading at $75.16 barrel, while the Brent benchmark was trading at $76.09 per barrel.
By Julianne Geiger for Oilprice.com
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Huge sales number for Tesla in Q2 (200,00 plus) bodes well for economic growth narrative as the 2nd half of 2021 gets underway.
I think plunging lumber prices are a warning of some serious froth in commodity speculation with US Treasury interest rates still at near all time record lows.
The USA is becoming a massive exporter of pretty much everything at the moment which is deflationary should be noted. "There's never just one speculative bubble" should be noted as well.