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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 Increases As Oil Rally Takes A Breather

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 to 378.

The oil and gas rig count has risen for nine weeks in a row for a total gain of 68.

The oil rig count increased by 2 this week, while the number of gas rigs increased by 3. The number of miscellaneous rigs was unchanged.

Total oil and gas rigs in the United States are now 416 less than this time last year as we reach the one year mark since the coronavirus madness took hold.

The EIA’s estimate for oil production in the United States stayed the same for the ending January 15, at 11.0 million barrels of oil per day for the sixth week in a row—still 2.1 million bpd off the all-time high reached earlier this year.

Canada’s overall rig count increased this week by 11. Oil and gas rigs in Canada are now at 172 active rigs, and down 72 year on year. 

The Permian basin saw a decrease in the number of rigs by 1 this week, bringing the total active rigs in the Permian to 188, or 217 below this time last year.

Check back here later for an exclusive early peek at the Frac Spread by Primary Vision.

WTI and Brent were both trading sharply down on Friday on increased Covid-19 cases in China and the UK, and persistent lockdowns that are continuing to stymie oil demand growth.  

At 1:04 p.m. EDT, WTI was trading down 1.26% on the day at $52.46, though still up $0.20 per barrel on the week, while Brent was trading down 1.05% on the day, at $55.51, up $0.50 for the week.

By Julianne Geiger for Oilprice.com

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