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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Oil Prices Under Fire As Rig Count Continues To Rise

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 6 to 384.

The oil and gas rig count has risen for ten weeks in a row for a total gain of 74.

The oil rig count increased by 6 this week, while the number of gas rigs remained unchanged. The number of miscellaneous rigs also remained unchanged.

Total oil and gas rigs in the United States are now 406 less than this time last year.

The EIA’s estimate for oil production in the United States fell for the first time in six weeks for the ending January 22, to 10.9 million barrels—still 2.0 million bpd off the all-time high reached last March.

Canada’s overall rig count increased this week as well, by 2. Oil and gas rigs in Canada are now at 174 active rigs and down 73 year on year. 

The Permian basin saw an increase in the number of rigs by 4 this week, bringing the total active rigs in the Permian to 192, or 214 below this time last year.

Check back here later for an exclusive early peek at the Frac Spread by Primary Vision.

WTI and Brent were both trading up on Friday on significant inventory decreases this week, combined with a weaker U.S. dollar.  

At 11:20 a.m. EDT, WTI was trading up 0.65% on the day at $52.61, up $0.14 per barrel on the week. Brent was trading up 0.77% on the day, at $55.96, up $0.45 for the week.

 At a few minutes post-data release, WTI was on the way down, sinking to $52.24, while Brent was trading at $55.92.

By Julianne Geiger for Oilprice.com

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Leave a comment
  • George Doolittle on January 29 2021 said:
    This is a "Wall Street issue" as capital becomes highly constrained due to "bubble trading." Obviously commodity futures prices are highly speculative and prone to just as much ahem "irrational exuberance" ahem as are US equities.

    Interest rates remain on or about 1% which equates to economic growth of on or about 1% so hardly bullish in the least for commodity futures let alone so many other *concerns.*

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