Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 5 to 246—the highest number of rigs since mid-May.

The total number of active oil and gas rigs increased for the week by 3, with oil rigs increasing by 5 and gas rigs falling by 2. Miscellaneous rigs stayed the same at 2.

Total oil and gas rigs in the United States are now down by 476 compared to this time last year.

The EIA’s estimate for oil production in the United States is now at 11.1 million barrels of oil per day as of the most recent reporting period, with U.S. production still rangebound between 9.7 million bpd and 11.1 million bpd for months.

Canada’s overall rig count stayed the same this week. Oil and gas rigs in Canada are now at 102 active rigs, and down 36 year on year.

Basins that saw gains this week include the Permian (+3), DJ-Niobrara (+2), and Utica (+1). The Marcellus basin saw the only decrease of two rigs.  The Permian basin is now 236 rigs down on the year.

Check back later today for the Frac Spread Count by Primary Vision.

WTI and Brent were both trading up on Friday before the rig count on positive sentiment surrounding Covid-19 vaccine candidates and Thursday’s OPEC+ agreement that settled the issue of January 2021 quotas after a week of uncertainty.

At 11:31 a.m. EDT, WTI was trading up 0.90% on the day at $46.05 but down slightly on the week. Brent was trading up 0.78% on the day, at $49.09, essentially flat on the week.

Source: Oilprice.com

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