Baker Hughes reported on Friday that the number of oil rigs in the United States fell from 5 to 231, ending an eight-week increase in oil rigs in the United States.
The total number of active oil and gas rigs decreased by 2 for the week, with oil rigs declining by 5 and gas rigs by 3.
The total number of oil and gas rigs in the United States is now down 493 from the same period last year.
The EIA estimate for oil production in the United States held steady during the week ending November 13 – at 10.9 million barrels of oil per day during the most recent base period. recent, with US production still below 11.1 million barrels per day.
The overall number of rigs in Canada increased by 12 this week. Oil and gas platforms in Canada are now at 101 active platforms, and down 36 year over year.
Check back here later today for an exclusive first update on the Frac spread counts provided by Primary Vision.
Along with the decline in BH rig count this week, Primary Vision’s fractional fracture count – which tracks finishing crews – was also down for the week. The number of fracturing deviations now stands at 127, down 3 for the week and 208 since the start of the year. However, the tally has still been on the rise since early May, when the fracking gap tally only hit 45.
Both WTI and Brent were trading on Friday ahead of the platform count release, both are expected to finish higher this week despite further lockdowns in several locations around the world and despite increased production from the Libya, which has now hit 1.2 million bpd. .
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As of 12:36 p.m. EDT, WTI was trading up 0.10% on the day at $ 41.78 and up about $ 1.50 per barrel week on week. Brent was up 0.57% on the day, at
$ 44.45, also up about $ 1.50 on the day.
At 1:08 p.m., WTI was trading at $ 41.83 per barrel, with Brent changing hands at $ 44.56 per barrel.
By Julianne Geiger for OilUSD
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