The number of oil and gas rigs in the United States rose by 2 this week, according to Baker Hughes.
The total rig count is now at 544, up 248 from this time last year, but still under the 790 active rigs as of March 2020.
The U.S. oil rig count rose this week to 444-a 1-rig increase-after the first loss in seven weeks in the week prior. The number of gas rigs also increased by 1, while miscellaneous rigs stayed the same.
The EIA's estimate for oil production in the United States for the week ending October 22 said the same at 11.3 million bpd.
Canada's overall rig count increased by 2. Active oil and gas rigs in Canada are now at 166, up 80 on the year.
The rig count in the Permian Basin stayed the same this week, but has seen gains of 126 active rigs over the past year. The number of rigs in the nation's second most prolific basin, the Eagle Ford, also stayed the same this week, but have gained 23 rigs over the last year. The Permian's total rig count is now 268, with 40 total in the Eagle Ford.
Primary Vision's Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews fell 3 this week to 265 for week ending October 22. The frac count is still up by more than 130 since the start of the year.
At 11:39 a.m. EDT, oil prices were trending down on the day. WTI was trading at $82.51-down 0.36% on the day and more than $1 down on the week. The Brent benchmark was trading at $84.32, flat on the day but down $1 on the week.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More
Comments
It's a surprisingly practical vehicle with a multitude of uses on or about a Property but to include row crop ahem "farming"(tilling) on acreages of say between 40-200 acres. Needless to say highly "plow efficient" but goes without saying incredibly fuel efficient as well.
Farmers being always on the lookout to save a buck might worth looking into.
My source was "Messick YouTube" channel.
Looks to be a huge deal in the building trade as well amongst other items of late (very powerful portable digging implements.)
Point being this is all very good news for oil demand from the standpoint of being a petrochemical business. I actually found $xom ExxonMobil's numbers to be laughably weak given the pricing with Chevron no better.
Certainly no surprise $tsla Tesla Motors is sporting a now well in excess $1 *TRILLION* US Dollar market cap!
Needless to say $rds Royal Dutch Shell is about to enter the petrochemical market in a huge way in the USA upper Midwest as British Petroleum already has for oil refining.
Plus activist investing now in $rds makes that a very strong buy compared to any commodity going on forever now but absolutely right now obviously and of course.
As well Royal Dutch Shell is entering the "mini-mart" industry which in the USA is truly massive.
Long $rad Rite Aid
Strong buy