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U.S. Rig Count Rises As Oil Holds Firm

The number of active oil and gas rigs rose this week, according to Baker Hughes data, increasing by 11 total rigs. This brings the total number of oil and gas rigs to 947, which is an addition of 235 rigs year over year.

The number of oil rigs in the United States rose by 12 this week after falling last week. The number of gas rigs decreased by a single rig. The number of oil rigs stands at 759 versus 566 a year ago. The number of gas rigs in the US now stands at 188, up 145 a year ago.

At 11:19am EST, the price of a WTI barrel was trading up $0.47 (+0.72%) to $65.98—almost $2.00 above this same time last week. The Brent barrel, on the other hand, was trading down $0.03 (-0.04%) to $69.94.

US crude oil production rose again, to 9.878 million bpd, from 9.750 million bpd the week before, setting another new high.

Canada has seen severe swings in its active oil and rig count in weeks past. But the last three weeks have seen steady gains. In the two weeks prior, Canada added more than 200 oil and gas rigs. This week, Canada added another 13, bringing its total to 338, although the rigs are still down year over year. Canada’s oil and gas rig count from a year ago was 345. While oil rigs are up 20 year over year, gas rigs in Canada are down 27.

The Permian basin rig count accounted for much of this week’s gains, increasing by 18 rigs this week, now standing at 427 rigs versus 291 rigs a year ago this week. The Marcellus basin also added 4 rigs, with Granite Wash adding one. Barnett, Cana Woodford, Eagle Ford, Haynesville, Mississippian, and Utica all lost rigs.

At 1:09pm EST, WTI was trading at $66.16 (+$0.65) with Brent trading at $70.19 (+$0.22).

By Julianne Geiger for Oilprice.com

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