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Rig Count Rise Fails To Slow The Oil Price Rally

Baker Hughes reported on Wednesday that the number of oil rigs in the United States rose by 10 to 241, resuming its climb after a one-week decline last week. 

The total number of active oil and gas rigs increased for the week by 10, with oil rigs increasing by 10 and gas rigs rising by 1. Miscellaneous rigs fell by 1 rig.

Total oil and gas rigs in the United States are now down by 482 compared to this time last year. 

The EIA’s estimate for oil production in the United States rose again last week as well, to 11.1 million barrels of oil per day in the most recent reporting period, with U.S. production still rangebound sticking below that figure for months.

Canada’s overall rig count rose by 1 this week. Oil and gas rigs in Canada are now at 102 active rigs, and down 24 year on year. 

WTI and Brent were both trading up on Friday after the release of the rig count, which came two days early due to the Thanksgiving holiday in the United States.  

At 1:43 pm EDT, WTI was trading up 2.87% on the day at $46.20 and up more than $4 per barrel week on week. Brent was trading up 2.36% on the day, at 

$49.03, also up more than $4 per barrel on the week. 

The main catalyst appears to be positive vaccine news that has even offset the new round of lockdowns due to the coronavirus and API’s reports of increased crude oil stocks in the United States. 

Oil demand isn’t expected to rebound significantly until the second half of next year.

The frac spread count provided by Primary Vision reported an increase of 8 this week, to 135. The last time the frac spread count was above 135 was back in mid-April. 

By Julianne Geiger for Oilprice.com

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