The U.S. oil rig count increased for the eigth consecutive week as drillers capitalize on higher oil prices
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 13 to 373.
The oil and gas rig count has risen for eight weeks in a row for a total gain of 63.
The oil rig count increased by 12 this week, while the number of gas rigs increased by 1. The number of miscellaneous rigs was unchanged.
Total oil and gas rigs in the United States are now down by 386 compared to this time last year, just a handful of days before the first case of the mysterious China virus was discovered to have infiltrated the United States.
The EIA’s estimate for oil production in the United States stayed the same for the ending January 8, at 11.0 million barrels of oil per day for the fifth 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 44. Oil and gas rigs in Canada are now at 161 active rigs, and down 83 year on year.
The Permian basin saw an increase in the number of rigs by 10 this week, bringing the total active rigs in the Permian to 189, or 214 below this time last year.
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WTI and Brent were both trading sharply down on Friday on increased Covid-19 lockdown measures in China and the EA that will continue to stunt oil demand.
At 1:06 p.m. EDT, WTI was trading down 2.48% on the day at $52.24, though still up $0.40 per barrel on the week, while Brent was trading down 2.45% on the day, at $55.01, down $0.50 for the week.
By Julianne Geiger for Oilprice.com
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