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Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

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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. Rig Count Drops As Oil Price Slide Accelerates

Rig

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. 

At 8 minutes past the hour, WTI was trading at $51.30, while Brent was trading at $56.41.

By Julianne Geiger for Oilprice.com

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Leave a comment
  • John Morris on January 31 2020 said:
    Last week you said rigs in Canada were up 79 year over year. They were not. This week you have the same sentence.

    Oil and gas rigs in Canada are now up 79 year on year.

    According to Baker Hughes oil rigs are down two and gas rigs are up 6. Net change up 4 not 79.
    Please try a little harder.

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