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Julianne Geiger

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Oil Rig Count Ends Twelve Week Streak Of Gains As Oil Prices Slip

Rig

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States stayed the same this week. The total number of active oil and gas rigs in the U.S. hangs at 397—or 394 fewer than this time last year.

This week marks the end of a twelve-week streak of increases to the number of oil and gas rigs that saw 87 more drilling rigs put into service.

The oil rig count slipped by 1 this week, and the number of gas rigs increased by 1. The number of miscellaneous rigs remained unchanged.

The EIA’s estimate for oil production in the United States for the week ending February 12 fell by 200,000 bpd to 10.8 million barrels. It is the largest weekly decrease in oil production in the U.S. since October.

Canada’s overall rig count decreased this week by 4. Oil and gas rigs in Canada are now at 172 active rigs and down 72 year on year. 

The Permian basin saw another increase this week in the number of rigs, by 1 bringing the total active rigs in the Permian to 204, or 205 below this time last year.

The frac spread count provided by Primary Vision fell dramatically this week, from 161 crews to just 41. The count hasn't been this low since Primary Vision started tracking data in 2014--not even during the pandemic. 

WTI and Brent were both trading down on Friday, after sizable gains made earlier in the week due to the Texas freeze that knocked out natural gas and oil production.

At 12:10 p.m. EDT, WTI was trading up 1.85% on the day at $59.40—down roughly $1 per barrel on the week. Brent was trading down 1.11% on the day, at $63.22 up more than $1 per barrel for the week.

At a few minutes post-data release, WTI was trading at $59.14, while Brent was trading at $62.87.

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By Julianne Geiger for Oilprice.com

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