The US oil and gas rig count fell by 8 this week, according to Baker Hughes, adding to months of losses and bringing the overall rig count to the lowest since the first week of 2018. Oil production in the US, however, remains above 12 million barrels per day, up over 1 million bpd over this time last year.
The total number of active oil rigs in the United States fell by 6 according to the report, reaching 764. The number of active gas rigs decreased by 2 to reach 169.
The combined oil and gas rig count is now 934 for the week, with oil rigs seeing a loss of 105 rigs year on year, with gas rigs down 17 since this time last year. The combined oil and gas rig count is down solidly in triple-digit territory, at 123 year on year.
Year-to-date, the oil rig count has fallen from 858 active rigs since the beginning of the year to 764, while gas rigs have fallen from 187 to 169 during that same time.
Oil prices were trading up on Friday morning after taking a beating earlier in the week as the trade war between the US and China grew more intense, sparking fears of a possible currency war as China let its currency devalue in response to more tariffs from the US.
At 12:39 pm EST today WTI was up $1.85 (+3.52%) at $54.39—down roughly $1 from this time last week. The Brent benchmark was also up on the day, by $1.30 (+2.27%) at $58.68—a $3 decrease from this time last week.
US production recovered this week after slipping in the week prior, to 12.3 million bpd for week ending August 2, adding just 100,000 bpd in the week.
Canada’s overall rig count saw a yet another increase this week, of 3, adding to last week’s 10-rig increase. Canada’s oil rigs are down 46 year on year, with gas rigs down 23 year on year.
WTI was trading up 4.13% shortly after data release, while Brent was trading up 2.49%.
By Julianne Geiger for Oilprice.com
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