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Julianne Geiger

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US Oil Industry Adds Rigs, Increases Pressure On Prices

Coming off a rather abysmal week for oil prices, Baker Hughes reported a 9-rig increase for oil and gas in the United States this week—a turnaround from three losses in a row in the three weeks prior.

The total number of active oil and gas drilling rigs now stands at 1,080 according to the report, with the number of active oil rigs increasing by 10 to reach 883 and the number of gas rigs decreasing by 1 to 197.

The oil and gas rig count is now 149 up from this time last year, 136 of which is in oil rigs.

Crude oil prices ticked slightly upward on Friday, with the week’s earlier price slide arrested as OPEC offered up new details about its production cut plans for the new year. It was not enough to lift prices, rather just enough to stop the dramatic slide.

The WTI benchmark was trading up 0.07% (+$0.03) at $45.91 $51.39—a loss of almost $6 per barrel week over week—at 12:33pm EST. Brent crude was trading down 0.71% (-$0.39) at $54.26—down more than $6 per barrel from last week.

Canada’s oil and gas rigs for the week decreased by 43 rigs this week after losing 12 rigs last week, bringing its total oil and gas rig count to 131, which is 79 fewer rigs than this time last year, with a 37-rig decrease for oil rigs, and a 6-rig decrease for gas rigs.  

The EIA’s estimates for US production for the week ending December 14 continues to weigh on prices, averaging 11.6 million bpd­—a drop off from the high of 11.7 million bpd.

By 1:07pm EDT, WTI had increased by 0.39% (+$0.18) at $46.06 on the day. Brent crude was trading down 0.35% (-$0.19) at $54.46 per barrel.

By Julianne Geiger for Oilprice.com

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Leave a comment
  • Mathis on December 22 2018 said:
    Canadian rig count was way down! Making a total of 39 rig minus including the added US rigs

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