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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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The U.S. Oil Rig Count Slips Once Again

Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 3 to 180, after rising last week for the first time since January.

The total number of active oil and gas rigs held steady for the week, with oil rigs falling by 3 and gas rigs increasing by 3.

Total oil and gas rigs in the United States are now down by 650 compared to this time last year.

The EIA’s estimate for oil production in the United States stayed the same for the week ending August 21—the last week for which there is data, at 10.8 million barrels of oil per day. Oil production in the United States is now 2.3 million bpd less than its all-time high reached earlier this year.

Canada’s overall rig count fell by two this week, after increasing by 2 last week. Oil and gas rigs in Canada are now at 54 active rigs. Oil and gas rigs in Canada are now down 96 year on year. 

The Frac Spread Count in North America, provided by Primary Vision, rose last week, from 70 to 80. Related: How To Stop Wind Farms From Becoming ‘Bird Graveyards’

Oil prices were trading down on the day on Friday despite Hurricane Laura, which threatened oil installations in the Gulf of Mexico and therefore supply. The storm came and went, however, leaving oil country relatively unscathed, and refiners were already preparing to restart on Friday.

At 12:09 pm EDT, WTI was trading down 0.12% at $42.99—more than $1 up on the week. Brent was trading down 0.13% on the day, at $45.03, also up more than $1 per barrel from last Friday.

At 1:08 pm, WTI was trading at $43.01 per barrel, with Brent changing hands at $45.09 per barrel.

By Julianne Geiger for Oilprice.com

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