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Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 this week. The total number of active oil and gas rigs in the U.S. is now at 402—or 388 fewer than this time last year. The oil rig count increased by 4 this week, and the number of gas rigs increased by 1. The number of miscellaneous rigs remained unchanged. The EIA’s estimate for oil production in the United States for the week ending February 19 fell sharply by 1.1 million bpd to 9.7 million barrels . It is the lowest production level in the United States since August 2020. Canada’s overall rig count decreased this week by 9. Oil and gas rigs in Canada are now at 163 active rigs and down 77 year on year. The Permian basin saw another increase this week in the number of rigs, by 4, bringing the total active rigs in the Permian to 208, or 203 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 both trading sharply down on Friday, after sizable gains made […]
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