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Soaring Petrochemical Demand Sparks Major Profits

Soaring Petrochemical Demand Sparks Major Profits

Petrochemical companies are going from…

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 Jumps Amid Rising Oil Prices

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 8 last week. The total number of active oil and gas rigs in the U.S. is now 392—or 398 less than this time last year.

The oil and gas rig count has risen for eleven weeks in a row for a total gain of 82.

The oil rig count increased by 4 this week, and the number of gas rigs also rose by 4. The number of miscellaneous rigs remained unchanged.

The EIA’s estimate for oil production in the United States for the week ending January 29 was 10.9 million barrels—still 2.2 million bpd off the all-time high reached last March, but above the 2020 low reached on August 28 last year of 9.7 million bpd.

Canada’s overall rig count decreased this week by 3. Oil and gas rigs in Canada are now at 171 active rigs and down 86 year on year. 

The Permian basin saw an increase in the number of rigs by 6 this week, bringing the total active rigs in the Permian to 198, or 207 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 up on Friday due to the tightening market and are on track to record its third weekly gain.  

At 12:31 p.m. EDT, WTI was trading up 1.01% on the day at $56.80—up more than $4 per barrel on the week. Brent was trading up 0.93% on the day, at $59.39 $55.96, up nearly $3.50 for the week.

At a few minutes post-data release, WTI was trading at $56.80, while Brent was trading at $59.36.

By Julianne Geiger for Oilprice.com

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