The US oil and gas rig count fell for the sixth week in a row this week, decreasing by 8 for the week, according to Baker Hughes, but US oil companies are still pumping oil at record rates.
The total oil and gas rig count now stands at 860, or 194 down from this time last year.
The total number of active oil rigs in the United States decreased by 6 according to the report, reaching 713. The number of active gas rigs decreased by 2 to reach 146.
Oil rigs have seen a loss of 150 rigs year on year, with gas rigs down 43 since this time last year, compared to 858 and 187 active rigs, respectively, at the beginning of the year.
Still, in the United States, weekly oil production is at an all-time high. So while the number of oil rigs have declined by 164 this year alone, production has grown from 11.7 million bpd at the beginning of the year, to 12.5 million bpd for week ending September 20.
Oil prices were trading down on Friday ahead of the data, after Saudi Arabia agreed to a ceasefire in Yemen and as Iran claimed that the US agreed to lift sanctions if they were willing to negotiate—a claim that the US flatly denied.
At 9:59 am EDT today, WTI was down $0.73 (-1.29%) at $55.68 off $3 week over week. Brent crude was trading down on the day as well, by $1.01 (-1.64%) at $60.73, also down roughly $3 per barrel for the week.
Canada’s overall rig count increased this week, with oil and gas rigs climbing by 8, after last week’s 15-rig decrease. Oil and gas rigs in Canada are down 51 year on year.
WTI was trading down 0.90% shortly after data release, while Brent was trading down 1.31%.
By Julianne Geiger for Oilprice.com
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