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Rig Count Plummets As Oil Price War Rages On

Baker Hughes reported that the number of oil and gas rigs in the US plummeted this week by 20­, falling to 772, with the total oil and gas rigs clocking in at 244 fewer than this time last year.

The number of oil rigs decreased for the week, by 19 rigs, according to Baker Hughes data, bringing the total to 664—a 160-rig loss year over year.

The total number of active gas rigs in the United States fell by 1 according to the report, to 106. This compares to 192 a year ago. 

The miscellaneous rig count stayed the same this week, for a total of 2 miscellaneous rigs.

Oil production in the United States rose to 13.1 million bpd, resuming its all-time high, according to data provided by the Energy Information Administration.

The number of rigs in the most prolific basin, the Permian, fell by 13 this week to 405, compared to 459 rigs one year ago. The second largest basin, the Eagle Ford, lost one rig this week, for a total of 67 rigs, compared to 82 a year ago.  

The WTI benchmark at 12:18 pm was trading at $24.32 (-6.14%) per barrel—almost $7 per barrel below last week levels as the specter of Saudi Arabia flooding the market with cheap oil as of April 1 combines with tangible demand destruction courtesy of the COVID-19.

The Brent benchmark was trading at $29.90 (-1.32%)—nearly $5 per barrel below last week’s levels.  

Canada’s overall rig count decreased even more, by 77 rigs this week, to a total of just 98 rigs. Oil and gas rigs in Canada are now up 7 year on year. 

WTI was trading down by 1.31% on the day at 1:09pm EDT, with Brent trading up 1.39%.

Julianne Geiger for Oilprice.com

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