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U.S. Rig Count Rises In Volatile Week For Oil

The number of oil and gas rigs in the United States is up 4 this week, according to Baker Hughes, with the total rig count at 479, up 221 from the same time last year.

The U.S. oil rig count rose by 2 this week to 378. The number of gas rigs increased by 2 and now sits at 101. The number of miscellaneous rigs stayed the same.

The EIA’s estimate for oil production in the United States for the week ending July 2 was slightly higher than the previous week at an average of 11.3 million barrels per day, up 2 million bpd.

The EIA hiked its estimate on July 1st for the average spot price of the U.S. benchmark, WTI Crude, will be $65.85/b this year, up from an average of $61.85/b expected last month.

Canada’s overall rig count increased this week as well, by 2. Oil and gas rigs in Canada now sit at 138 active rigs, up 120 on the year. 

The rig count in the Permian basin was unchanged this week. At 237 rigs, the Permian’s total rig count is now 111 rigs above what it was this time last year.

The Frac Spread Count provided by Primary Vision shows that fracking crews rose by 2 for the week ending July 2nd, up to 234. The frac spread count estimates the number of completion crews finishing off previously drilled wells. This frac count is up by more than 164 so far this year.

At 1:11 p.m. EDT, WTI was trading at $74.57 barrel, while the Brent benchmark was trading at $75.56 per barrel.

By Julianne Geiger for Oilprice.com

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