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U.S. Rig Count Crashes Below 300



Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 17, falling to 284, with the total oil and gas rigs sitting at 691 fewer than this time last year.

The number of oil rigs decreased for the week by 16 rigs, according to Baker Hughes data, bringing the total to 206—compared to 789 active rigs in play this time last year.

The total number of active gas rigs in the United States fell by 1 to 76 according to the report. This compares to 186 rigs a year ago.

The significant fall in the rig count over the last couple of months is also reflected in the steady decline of EIA’s estimate for oil production in the United States, which fell again this week to 11.2 million barrels of oil per day on average for week ending May 29, which is 1.9 million bpd off the all-time high and 200,000 bpd lower than the week prior. It is the ninth straight weekly production decline.

Canada’s overall rig count increased by 1 rig this week, to 21 rigs. Oil and gas rigs in Canada are now down 82 year on year. 

At 12:02 pm, WTI was trading up 4.73% at $39.18, a figure that is nearly $6 per barrel up week over week. The Brent benchmark was trading up 5.03% at $42.00 on the day and up $7 week over week. Both benchmarks are trading up on surprise positive jobs data in the United States as well as OPEC news that suggests they came to some sort of understanding with Iraq—the chronic overproducer in the group—which opened the door for the OPEC meeting to be held on Saturday.  

By Julianne Geiger for Oilprice.com

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2020-06-05 17:23:07

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