Baker Hughes reported no change to the number of active oil and gas rigs in the United States on Friday. Oil and gas rigs stayed at 1,057, according to the report, with the number of active oil rigs and the number of gas rigs staying the same.
The oil and gas rig count is now 111 up from this time last year.
Oil prices had been trading up earlier on Friday, but prices were still on track to end the week in the red. In fact, this week marks the seventh weekly loss as trade wars, unrest in Turkey, and anticipated Iranian production loss sparked fears of waning global demand growth.
Contrary to those fears, the International Energy Agency (IEA) reported last week that it foresaw a boost to global oil demand growth by 110,000 barrels per day to 1.5 million barrels per day for 2019.
By 12:35am EDT, WTI was trading up $0.31 (+0.47%) at $65.77 per barrel, with Brent trading up $0.31 (+0.43%) at $71.74—both down week on week.
Canada’s oil and gas rigs for the week rose by 3, bringing its total oil and gas rig count to 212, which is 2 fewer than this time last year, with a 1-rig gain for oil and a 2-rig gain for gas. The price of Western Canada Select (WCS) continued to fall this week, trading at $36.16 as of 12:52pm.
EIA estimates for US production were up 100,000 barrels per day for the week ending Augusts 10, averaging 10.9 million bpd.
By 1:08pm EDT, WTI and Brent were still trading up. WTI was trading up 0.26% (+$0.17) at $65.63. Brent crude was trading up 0.22% (+$0.16) at $71.59 per barrel.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
- Can U.S. Shale Stop A Global Oil Supply Crisis?
- The Productivity Problem In The Permian
- All-Time Low Spare Capacity Could Send Oil To $150