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U.S. Rig Count Falls For 18th Week In A Row

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 258, marking the eighteenth loss in the number of active rigs, with losses in the Permian, Eagle Ford, Marcellus, and Barnett basins.

The total oil and gas rigs is now sitting at 700 fewer than this time last year.

The number of oil rigs decreased for the week by 4 rigs, according to Baker Hughes data, bringing the total to 181—compared to 784 active rigs this time last year.

The total number of active gas rigs in the United States fell this week by a single rig, landing at 75 total rigs. This compares to 172 rigs a year ago.

To compare active rigs with supply figures, the EIA’s estimate for oil production in the United States was steady for the third week in a row at an average of 11 million barrels of oil per day for week ending July 3. Oil production in the United States is still 2.1 million bpd less than the all-time high for US production.

Canada’s overall rig count rose this week by 8, settling at 26 active rigs. Oil and gas rigs in Canada are now down 91 year on year. 

Oil prices were trading down on the day in the early morning, but within a couple of hours both the Brent and WTI benchmarks had rallied. By 10:30am EDT, WTI was trading up 0.56% at $39.84 while Brent was trading up 0.50/5 at $42.56.  WTI is up about $0.40 since this time last week, with Brent nearly flat.

At 1:05pm, prices had continued to climb, with WTI trading at $40.03 per barrel, with Brent changing hands at $42.80 per barrel.

By Julianne Geiger for Oilprice.com

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