U.S. oil rig numbers rise for eighth consecutive week as drillers profit from rising oil prices
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States had increased from 13 to 373.
The number of oil and gas rigs has increased for eight consecutive weeks for a total gain of 63.
The number of oil rigs increased by 12 this week, while the number of gas rigs increased by 1. The number of miscellaneous rigs remained unchanged.
The total number of oil and gas rigs in the United States is now down 386 from the same period last year, just days before the first case of the mysterious Chinese virus infiltrated the United States. United States.
The EIA estimate for U.S. oil production remained the same for the end of January 8, at 11.0 million barrels of oil per day for the fifth week in a row – still 2.1 million barrels of oil per day. bpd less than the all-time high reached earlier this year.
The overall number of drilling rigs in Canada increased by 44 this week. Oil and gas platforms in Canada are now at 161 active platforms, and down 83 year over year.
The Permian Basin saw an increase in rig count of 10 this week, bringing the total number of active rigs in the Permian to 189, or 214 below the same time last year.
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WTI and Brent were trading strongly on Friday due to increased lockdowns of Covid-19 in China and EA which will continue to dampen demand for oil.
As of 1:06 p.m. EDT, WTI was trading down 2.48% on the day at $ 52.24, but still up $ 0.40 per barrel on the week, while Brent traded lower 2.45% on the day, to $ 55.01, down from $ 0.50 for the week.
By Julianne Geiger for OilUSD
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