Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 this week. The total number of active oil and gas rigs in the U.S. is now at 402-or 388 fewer than this time last year.
The oil rig count increased by 4 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 19 fell sharply by 1.1 million bpd to 9.7 million barrels. It is the lowest production level in the United States since August 2020.
Canada's overall rig count decreased this week by 9. Oil and gas rigs in Canada are now at 163 active rigs and down 77 year on year.
The Permian basin saw another increase this week in the number of rigs, by 4, bringing the total active rigs in the Permian to 208, or 203 below this time last year.
Primary Vision's Frac Spread Count rose out of the doldrums this week to 140, returning to levels seen at the beginning of this year.
WTI and Brent were both trading sharply down on Friday, after sizable gains made last week as the market senses a tightening of supply is taking shape, with oil inventories in the United States now at the five-year average.
At 1:02 p.m. EDT, WTI was trading down 2.83% on the day at $62.05-by up nearly $3 per barrel on the week. Brent was trading down 1.15% on the day, at $66.11, also up nearly $3 per barrel for 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