Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 last week. The total number of active oil and gas rigs in the U.S. is now 397-or 393 fewer than this time last year.
The oil and gas rig count has risen for twelve weeks, during which time the rig count has increased by 87.
The oil rig count increased by 7 this week, and the number of gas rigs dipped by 2. The number of miscellaneous rigs remained unchanged.
The EIA's estimate for oil production in the United States for the week ending February 5 was 11.0 million barrels, an increase of 100,000 bpd from the week prior, but still 2.1 million bpd off the all-time high reached last March.
Canada's overall rig count increased this week by 5. Oil and gas rigs in Canada are now at 176 active rigs and down 79 year on year.
The Permian basin saw another increase this week in the number of rigs, by 5, bringing the total active rigs in the Permian to 203, or 205 below this time last year.
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WTI and Brent were both trading up on Friday, with OPEC+ expected to hold production steady for the month of April.
At 11:23 a.m. EDT, WTI was trading up 0.53% on the day at $58.55-up nearly $2 per barrel on the week. Brent was trading up 0.82% on the day, at $61.64 up more than $2 per barrel for the week.
At a few minutes post-data release, WTI was trading at $59.51, while Brent was trading at $62.64.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More