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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 Rig Count Inches Higher Amid Price Plunge

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 1 to 181.

The total number of active oil and gas rigs increased for the week by 2, with oil rigs rising by 1 and gas rigs holding steady.

Total oil and gas rigs in the United States are now down by 642 compared to this time last year.

The EIA’s estimate for oil production in the United States dropped off considerably for the week ending August 28—the last week for which there is data, to 9.7 million barrels of oil per day. Oil production in the United States is now 3.4 million bpd less than its all-time high reached earlier this year. It is the lowest production level since January 2018.

Canada’s overall rig count fell by two this week, after decreasing by two last week. Oil and gas rigs in Canada are now at 52 active rigs. Oil and gas rigs in Canada are now down 95 year on year. 

The Frac Spread Count in North America, which is provided by Primary Vision, rose last week, from 80 to 85.

Oil prices were trading down on the day on Friday—and down on the week—on the back of a stronger dollar fueled by improving unemployment figures, as well as a dropoff in gasoline demand.  It is the sharpest weekly price decline since June.

At 12:42 pm EDT, WTI was trading down 3.89% at $39.76—more than $3 down on the week. Brent was trading down 3.38% on the day, at $45.03, down more than $2 per barrel from last Friday.

At 1:07 pm, WTI was trading at $39.74 per barrel, with Brent changing hands at $42.57 per barrel.

By Julianne Geiger for Oilprice.com

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