The number of active oil and gas rigs decreased this week, according to Baker Hughes data, by a single rig. This brings the total number of oil and gas rigs to 946, which is an addition of 217 rigs year over year.
Still the number of oil rigs in the United States rose this week, by 6, with the number of gas rigs decreasing by 7. The number of oil rigs stands at 765 versus 586 a year ago. The number of gas rigs in the U.S. now stands at 181, up from 145 a year ago.
At 12:14pm EST, the price of a WTI barrel was trading down $1.02 (-1.55 percent) to $64.78—almost $1.00 under this same time last week. The Brent barrel trading down $1.51 (-2.17 percent) to $68.14, almost $2 per barrel under last week. While inventory figures and OPEC data are the usual catalyst for oil price swings, this week the stronger dollar has pushed oil prices downward in what is one of the biggest weekly drops in months.
U.S. crude oil production rose again, to 9.919 million bpd, from 9.878 million bpd the week before, setting another new high and getting dangerously close to that psychologically important 10.0 million bpd mark.
Canada has added hundred of rigs in the last three weeks. This week, Canada added another 14 oil rigs, but the number of gas rigs in Canada declined by 10. The total number of oil and gas rigs is now 342, with the number of gas rigs still down year over year.
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The Permian basin rig count was flat this week, with the Haynesville basin seeing the biggest increase to the number of rigs, which was up by 2.
At 1:08pm EST, WTI was trading at $65.23 (-$0.57) with Brent trading at $68.56 (-$1.09).
By Julianne Geiger for Oilprice.com
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