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U.S. Oil Rig Count Rises For First Time Since January

Baker Hughes reported on Friday that the number of oil rigs in the United States rose for the first time since January by 11, to 183—the first double-digit increase since the pandemic took locked down significant parts of America.

The total number of active oil and gas rigs increased by 10 for the week, with oil rigs climbing by 11 and gas rigs falling by one.

Total oil and gas rigs in the United States are now down by 662 compared to this time last year.

The largest gain was seen in the Permian Basin, which added ten rigs.

The EIA’s estimate for oil production in the United States stayed the same for the week ending August 14—the last week for which there is data, at 10.7 million barrels of oil per day. Oil production in the United States is 2.4 million bpd less than its all-time high reached earlier this year.

Canada’s overall rig count rose this week also, by 2, reaching 56 active rigs. Oil and gas rigs in Canada are now down 83 year on year. 

The Frac Spread Count in North America, provided by Primary Vision, was unchanged last week, at 70.

Oil prices were already trading down on the day on Friday despite heightened tensions between the United States and Iran and reports that China is expected to increase its crude oil imports from the United States next month. Dampening the oil spirits on Friday is developments in oil-rich Libya that suggests that a ceasefire has been declared—a development that will surely increase global oil production and ruin OPEC’s 97% compliance rate with its oil production cut agreement.

At 12:56 pm EDT, WTI was trading down 2.71% at $41.66—roughly $0.30 down on the week. Brent was trading down 2.52% on the day, at $43.77, down $1 per barrel from last Friday.

At 1:08 pm, WTI was trading at $41.67 per barrel, with Brent changing hands at $43.78 per barrel.

By Julianne Geiger for Oilprice.com

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