Is the collapse in the number of oil rigs finally over?

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Baker Hughes reported on Friday that the number of oil rigs in the United States had increased from 4 to 183.

The total number of active oil and gas platforms increased for week 6 to 261, with an increase in oil platforms by 4 and gas platforms by 2.

The total number of oil and gas rigs in the United States is now down 599 from the same period last year.

The EIA estimate for U.S. oil production fell for the week ending September 18 – the last week for which there is data, at 10.7 million barrels of oil per day, compared to 10.9 million b / d the previous week and 10.0 million b / d the previous week. US oil production is still down 2.4 million bpd from its all-time high reached earlier this year.

The overall number of rigs in Canada increased by 7 this week. Oil and gas rigs in Canada now have 71 active rigs, down 56 year-over-year.

The Frac Spread Count in North America, which is provided by Primary Vision, increased from 4 last week from 85 to 89. The Frac Spread Count – a measure that shows active well completion teams as opposed to drilling Baker Hughes’ active wells – has sat below 100 since the last week of April. Prior to April, the Frac Spread Count had never fallen below 150 since Primary Vision started collecting data in 2014.

At 12:48 a.m. EDT, WTI was trading down $ 0.22 (-0.55%) on the day at $ 40.10, while Brent was trading down $ 0.06 (- 0.14%) on the day to $ 41.88 per barrel as demand concerns continue to weigh on the oil market.

At 1:12 p.m., WTI was trading at $ 40.21 per barrel, with Brent changing hands at $ 41.87 per barrel.

Get more information and historical data on the number of platforms and the spread of the divide on the new platform number page of oil dollar.

By Julianne Geiger for OilUSD

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