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US Rig Count Slides But Oil Prices Can't Catch A Break

The US oil and gas rig count fell again this week, decreasing by 12 for the week, according to Baker Hughes, but US oil companies are pumping oil at record rates. US weekly oil production hit a new high despite the rig loss, at 12.5 million bpd for week ending August 23.

The total oil and gas rig count now stands at 904, or 144 down from this time last year.

The total number of active oil rigs in the United States decreased by 12 according to the report, reaching 742. The number of active gas rigs stayed the same at 162.

Oil rigs have seen a loss of 120 rigs year on year, with gas rigs down 22 since this time last year. The combined oil and gas rig count is down 144 on the year.

Year-to-date, the oil rig count has fallen from 858 active rigs since the beginning of the year to 754, while gas rigs have fallen from 187 to 162 during that same time.

Oil prices were trading sharply down on Friday ahead of the data on oil demand concerns in the wake of the China/US trade war, which has resulted in analysts revising price forecasts downward yet again. 

At 11:37 am EST today WTI was down almost 4%, but was still up $1 on the week.  Brent was down sharply on the day as well, but flat on the week at $58.90 at that time. 

Canada’s overall rig count increased this week. Oil and gas rigs rose by 11, after last week’s 3-rig decrease. Oil and gas rigs in Canada are still down 78 year on year. 

WTI was trading down 2.63% shortly after data release, while Brent was trading down 2.23%.

By Julianne Geiger for Oilprice.com

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