Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 1 this week. The total number of active oil and gas rigs in the U.S. is now at 403—or 390 fewer than this time last year.
The oil rig count increased by 1 this week, and the number of gas rigs stayed the same. The number of miscellaneous rigs also remained unchanged.
The EIA’s estimate for oil production in the United States for the week ending February 26 rose by 300,000 bpd to 10 million barrels, after suffering devastating losses in the week prior courtesy of the Texas Freeze, which caused major blackouts throughout the state.
Canada’s overall rig count decreased this week by 22. Oil and gas rigs in Canada are now at 141 active rigs and down 62 year on year.
The Permian basin saw another increase this week in the number of rigs. The Permian’s total rig count rose by 3, bringing the total active rigs in the Permian to 211, or 204 below this time last year.
Check back here later for an exclusive early peek at the Frac Spread by Primary Vision.
WTI and Brent were both trading up on Friday, still riding the highs that OPEC+ created yesterday when the group announced that it would not lift crude oil production rates starting in April as most analysts had feared. Traders and analysts alike are viewing the current market as one that is starting to tighten, even though the latest crude oil inventory build in the United States—a huge one—lifted inventories once again above the five-year average.
By Julianne Geiger for Oilprice.com
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