U.S. Oil rig count rises during Election week

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Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 5 to 226.

The total number of active oil and gas rigs increased for the week by 4, with oil rigs rising by 5 and gas rigs falling by 1.

Total oil and gas rigs in the United States are now down by 517 compared to this time last year.

The EIA’s estimate for oil production in the United States fell in the week ending October 30—from 11.1 million barrels in the week prior to 10.5 million barrels  of oil per day in the most recent reporting period. U.S. oil production has been bouncing around between just under 10 million bpd and just below 11.2 million bpd for months now as the pandemic continues to sap demand for crude oil, with no indication that production will break through either of those limits.

Canada’s overall rig count held steady this week. Oil and gas rigs in Canada are now at 86 active rigs, and down 54 year on year.

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WTI was trading down on Friday, as was the Brent benchmark, with both set to finish out the week lower than last week as Europe implements new lockdowns amid a surge in the number of new coronavirus cases.

At 11:14 pm EDT, WTI was trading down 3.07% at $37.60—up more than $2 per barrel week on week. Brent was trading down 2.66% on the day, at $39.84, also up roughly $2.50 on the week.