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U.S. Oil Rig Count Declines For The First Time In Six Weeks

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States decreased by 1 this week, bringing the total rig count to 438.

In the week prior, the U.S. oil and gas rig count increased by 7.

The total number of active oil and gas drilling rigs in the U.S. is now just 27 fewer than this time last year.

The oil rig count decreased by 1 this week, bringing the total oil rig count to 343 this week. The number of gas rigs stayed the same at 94. The number of miscellaneous rigs also stayed the same.

The EIA’s estimate for oil production in the United States for the week ending April 16 stayed the same this week at 11 million barrels per day. The EIA estimates that U.S. oil production will reach a modest 11.04 million bpd this year, after falling from the 13.1 million bpd peak production reached in February 2020, before the pandemic crushed oil demand.

Canada’s overall rig count decreased this week by 1. Oil and gas rigs in Canada now sit at 55 active rigs, up 29 on the year. 

The rig count in the Permian basin decreased by 1 this week. The Permian’s total rig count is now just 20 rigs below this time last year.

The Frac Spread Count provided by Primary Vision shows that fracking crews shot up last week, and now sits at 220 as of the last official data. The frac spread count estimates the number of completion crews finishing off previously drilled wells. This compares to a frac spread count of just 45 in May of last year.

Check back here later today for an exclusive early peek at the Frac Spread Count for week ending April 23. 

At 12:31 p.m. EDT, WTI was trading up $0.41 per barrel on the day at $61.84—down more than $1 per barrel on the week as the number of coronavirus infections in one of the world’s largest crude oil importers, India, surgest to new heights.

The Brent benchmark was trading up $0.43 per barrel on the day, at $65.85 per barrel.

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By Julianne Geiger for Oilprice.com

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