The US oil and gas rig count increase by 1 this week, according to Baker Hughes—a small gain that ends a string of significant losses for the United States. The total oil and gas rig count now stands at 935, or 122 down from this time last year. US production, however, is still significantly up year on year.
The total number of active oil rigs in the United States increased by 6 according to the report, reaching 770. The number of active gas rigs decreased by 4 to reach 165. Miscellaneous rigs fell by 1, to zero.
Oil rigs have seen a loss of 99 rigs year on year, with gas rigs down 21 since this time last year. The combined oil and gas rig count is down solidly in triple-digit territory, at 122 year on year.
Year-to-date, the oil rig count has fallen from 858 active rigs since the beginning of the year to 770, while gas rigs have fallen from 187 to 165 during that same time.
Oil prices were trading up slightly on Friday ahead of the data.
At 11:37 am EST today WTI was up $0.12 (+0.22%) at $54.59—up $0.20 week on week. The Brent benchmark was also up on the day, by $0.36 (+0.62%) at $58.59—down just $.09 from this time last week.
US production held fast at an average of 12.3 million bpd for week ending August 9, which is just 100,000 bpd off the all-time high.
Canada’s overall rig count saw a yet another increase this week, although small. Oil and gas rigs climbed by 2, adding to last week’s 3-rig increase. Oil and gas rigs in Canada are still down 70 year on year. Canada’s oil rigs are down 40 year on year, with gas rigs down 30 year on year.
WTI was trading up 0.26% shortly after data release, while Brent was trading up 0.53%.
By Julianne Geiger for Oilprice.com
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