After another week of faltering oil prices as the coronavirus outbreak continues to spook the market, Baker Hughes reported that the number of oil and gas rigs in the US decreased this week, to 790—a decrease of 4 rigs. The total oil and gas rig count is now 265 down from this time last year.
The number of oil rigs decreased for the week, by 1 rigs, according to Baker Hughes data, bringing the total to 675—a 172-rig loss year over year.
The total number of active gas rigs in the United States fell by 3 according to the report, to 112. This compares to 198 a year ago.
Meanwhile, oil production has hovered at 13 million bpd for three weeks now, according to data provided by the Energy Information Administration—a high for the United States.
By basin, oil rigs have slumped the most over the last 52 weeks in the Mississippian and Granite Wash basins (-80%), followed by Cana Woodford (-69%). By sheer numbers, the Permian basin saw the most declines at 75 over that same period, but that figure represents only a 16% decline—making the Permian one of the least affected basins over the last year.
The WTI benchmark at 12:28pm was $51.65 (-0.94%) per barrel—nearly $3 per barrel below last week levels as travel restrictions within, to, and from China threatens to dent oil demand. The Brent benchmark was trading at $56.71(-1.08%)—more than $3 per barrel below last week’s levels.
Canada’s overall rig count increased by 3 rigs this week, to a total of 247 rigs. Oil and gas rigs in Canada are now up 4 year on year.
By Julianne Geiger for Oilprice.com
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