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The Oil Price Rally Has Stalled... For Now.

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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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U.S. Oil Rig Count Soars As WTI Recovers

oil rig

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 5 this week, bringing the total rig count to 453.

In the week prior, the U.S. oil and gas rig count increased by 8.

The total number of active oil and gas drilling rigs in the U.S. is now 114 more than this time last year.

The oil rig count increased by 8 this week, bringing the total oil rig count to 352 this week. The number of gas rigs decreased by 3 to 100. The number of miscellaneous rigs stayed the same.

The EIA’s estimate for oil production in the United States for the week ending May 7—the last available data—increased this week at an average 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 also increased this week by 4. Oil and gas rigs in Canada now sit at 59 active rigs, up 36 on the year. 

The rig count in the Permian basin increased by 2 this week. At 231 rigs, the Permian’s total rig count is now 56 rigs above what it was this time last year, but hundreds below the two years ago level.

The Frac Spread Count provided by Primary Vision shows that fracking crews increased last week to 221.  The frac spread count estimates the number of completion crews finishing off previously drilled wells. This number is still 174 above the number of frac crews as of May 2020.

At 12:04 p.m. EDT, WTI was trading up $1.26 per barrel on the day at $65.08—but still up roughly $.60 per barrel on the week even as certain parts of Asia continue to struggle with a surge in Covid-19 cases.

The Brent benchmark was trading up $1.37 per barrel on the day, at $68.37 per barrel.

For a full breakdown of the U.S. and Canadian oil and gas rig count and frac spread activity, please have a look at our rig count page.

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By Julianne Geiger for Oilprice.com

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  • George Doolittle on May 16 2021 said:
    "pump and dump" big time no doubt

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