Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 279, with the total oil and gas rigs sitting at 690 fewer than this time last year.
While the number of active rigs in the United States has continued to decline over the last fourteen weeks, this week’s decline is smaller.
The number of oil rigs decreased for the week by 7 rigs, according to Baker Hughes data, bringing the total to 199—compared to 788 active rigs in play this time last year. It is the first time that oil rigs in the United States have fallen below 200 since August 2005.
The total number of active gas rigs in the United States increased by 2 to 78 according to the report. This compares to 181 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 11.1 million barrels of oil per day on average for week ending June 5, which is 2 million bpd off the all-time high and 100,000 bpd lower than the week prior. It is the tenth straight weekly production decline.
Canada’s overall rig count held fast this week at 21 rigs. Oil and gas rigs in Canada are now down 86 year on year.
At 10:14 am, WTI was trading up 1.32% at $36.82 on the day, but more than $2 per barrel down on the week—the first weekly slide in seven weeks. The Brent benchmark was trading up 1.89% at $39.28 on the day—and nearly $3 per barrel down from this time last week as the OPEC+ agreement extension disappointed, and after the Fed spread gloom about the economic outlook.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
More Info
- 80% of investors end up losing money...
- Learn how to navigate energy markets. Learn how energy insiders think.
- Receive our cutting-edge 3-part investor education series for FREE
- PLUS, get our Weekly Intelligence Report to stay one step ahead of the markets...
"Oil" - Google News
June 13, 2020 at 12:21AM
https://ift.tt/2YrzRhX
U.S. Oil Rigs Dip Below 200 For First Time Since 2005 - OilPrice.com
"Oil" - Google News
https://ift.tt/2SukWkJ
https://ift.tt/3fcD5NP
Bagikan Berita Ini
0 Response to "U.S. Oil Rigs Dip Below 200 For First Time Since 2005 - OilPrice.com"
Post a Comment