The number of active oil and gas rigs in the United States fell this week according to Baker Hughes, as the overall rig count reaches the lowest point since February 2019.
The total number of active oil and gas drilling rigs in the United States fell by 9 according to the report, with the number of active oil rigs falling by 11 to reach 789 and the number of gas rigs increasing by 2 to reach 186.
The combined oil and gas rig count is 975, with oil seeing a 73-rig decrease year on year and gas rigs down 12 since this time last year. The combined oil and gas rig count is down 87 year on year.
Year-to-date, the oil rig count has fallen from 877 active rigs on January 4 to 789, while gas rigs have fallen from 198 to 186 during that same time.
Despite the 73-rig decline year on year, US production continues to climb, with an almost 2 million barrel per day increase.
At 9:58pm EST today WTI was up $0.37 (+0.70%) at $52.96. Although up on the day, WTI is trading down about $2 per barrel week on week. Today's gains are largely the result of renewed Saudi optimism regarding the production cut quotas, which most feel will be extended in some form after June, when the cuts are set to expire.
The Brent benchmark was trading up on the day as well, by $0.38 (+0.62%) at $62.05-a $1.50 decrease from last week.
US oil production is keeping the prices in check, reaching on week ending May 31 a brand new all-time high of 12.4 million bpd.
Canada's overall rig count increased by 18. Canada's oil rigs are still down by 10 year on year, with gas rigs up 1 year on year.
WTI was trading up 2.15% on the day at 1:09pm EST, with Brent up 2.12%.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More