Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 2 this week, bringing the total rig count to 440.
In the week prior, the U.S. oil and gas rig count decreased by 1.
The total number of active oil and gas drilling rigs in the U.S. is now 32 more than this time last year.
The oil rig count decreased by 1 this week, bringing the total oil rig count to 342 this week. The number of gas rigs increased by 2 to 96. The number of miscellaneous rigs increased by 1.
The EIA's estimate for oil production in the United States for the week ending April 23-the last available data-fell slightly this week to 10.9 million barrels per day. The EIA estimates that U.S. oil production will reach a modest 11.04 million bpd this year, after falling from the 13.1 million bpd peak production reached in February 2020, before the pandemic crushed oil demand.
Canada's overall rig count decreased this week by 4. Oil and gas rigs in Canada now sit at 51 active rigs, up 24 on the year.
The rig count in the Permian basin decreased by 2 this week. At 224 rigs, the Permian's total rig count is now 5 rigs above what it was this time last year.
The Frac Spread Count provided by Primary Vision shows that fracking crews slipped last week to 217. The frac spread count estimates the number of completion crews finishing off previously drilled wells. This compares to a frac spread count of just 45 in May of last year.
At 12:00 p.m. EDT, WTI was trading down $1.54 per barrel on the day at $63.47-but still up nearly $2 per barrel on the week as the number of coronavirus infections in one of the world's largest crude oil importers, India, continues to dent its thirst for crude.
The Brent benchmark was trading down $1.28 per barrel on the day, at $67.28 per barrel.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More