Oil Prices Slip As U.S. Rig Count Falls

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States fell by 1 this week. The total number of active oil and gas rigs in the U.S. is now at 402—or 390 fewer than this time last year. The oil rig count fell by 1 this week, and the number of gas rigs stayed the same. The number of miscellaneous rigs also remained unchanged. The EIA’s estimate for oil production in the United States for the week ending March 5 rose by 900,000 bpd to 10.9 million barrels with higher oil prices and demand, enticing drillers to bring on more barrels. Canada’s overall rig count decreased this week by 25. Oil and gas rigs in Canada are now at 116 active rigs and down 59 year on year. The Permian basin saw another increase this week in the number of rigs. The Permian’s total rig count rose by 1, bringing the total active rigs in the Permian to 212, or 206 below this time last year. Check back here later for an exclusive early peek at the Frac Spread by Primary Vision. WTI and Brent were trading slightly up on Friday before […]

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