Total oil and gas rigs in the United States are now down by 691 compared to this time last year.
\nThe number of oil rigs slipped for the week by 4 rigs for the second week in a row, according to Baker Hughes data, bringing the total to 172, compared to the 770 active oil rigs this time last year. The Permian Basin alone lost five rigs this week, with Ardmore Woodford losing one, and Arkoma Woodford gaining one. The Permian now has just 117 rigs, compared to 441 a year ago.
\nThe total number of active gas rigs in the United States increased by one, landing at 70 total rigs. This compares to 165 rigs a year ago.
\nTo compare active rigs with supply figures, the EIA\u2019s estimate for oil production in the United States fell for the week ending August 7\u2014the last week for which there is data, at 10.7 million barrels of oil per day. Oil production in the United States is 2.4 million bpd less than its all-time high reached earlier this year.
\nCanada\u2019s overall rig count rose this week by 7, reaching 54 active rigs. Oil and gas rigs in Canada are now down 88 year on year.
\nThe Frac Spread Count in North America, provided by Primary Vision, fell last week, to 76 from 80. In terms of activity per basin, Primary Vision\u2019s Mark Rossano notes that \u201dthe demand for completion crews remains range bound with support in the Appalachia and Permian basins. Pricing headwinds and reduction in activity in other basins will keep the ceiling in place as the U.S. struggles to find a footing.\u201d
\nOil prices were trading down on the day on Friday despite tensions between the United States and Iran, and reports of decreases to crude oil inventories in the U.S.
\nAt 12:57 pm EDT, WTI was trading down 0.66% at $41.95\u2014roughly $0.30 up on the week. Brent was trading down 0.58% on the day, at $44.70, a lackluster $0.20 per barrel higher than last Friday.
\nAt 1:08 pm, WTI was trading at $41.97 per barrel, with Brent changing hands at $44.75 per barrel.
\nBy Julianne Geiger for Oilprice.com
\nPublish Date : 2020\/08\/16<\/p>\n","protected":false},"excerpt":{"rendered":"
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