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Rising Oil Rig Count Puts Prices Under Pressure

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 4 to 193—a gain that may push prices down further.

The total number of active oil and gas rigs increased for the week by 3, with oil rigs rising by 4 and gas rigs dipping by 1.

Total oil and gas rigs in the United States are now down by 587 compared to this time last year.

The EIA’s estimate for oil production in the United States rose during the week ending October 2—the last week for which there is data, to 11.0 million barrels of oil per day. U.S. oil production is still down 2.1 million bpd from its all-time high reached earlier this year.

Canada’s overall rig count rose by 5 this week. Oil and gas rigs in Canada are now at 80 active rigs, and down 66 year on year.

The Frac Spread Count that counts well completion crews increased to 115 this week from 111 last week, according to Primary Vision.

WTI was trading up on Friday, as was the Brent benchmark, with both set to finish out the week 10% higher than last week—the rally attributable to a strike in Norway and another Hurricane in the Gulf of Mexico, both of which took significant amounts of production offline.

At 12:09 pm EDT, WTI was trading down 0.32% at $41.32—almost $4 up on the week (offsetting almost entirely the $4 per barrel loss in the week prior). Brent was trading up 0.39% on the day, at $43.51—also up nearly $4 per barrel.   

By 1:07 pm, WTI was trading at $40.68 per barrel, with Brent changing hands at $42.83 per barrel, as oil prices started to dip.

By Julianne Geiger for Oilprice.com

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