U.S. rig count rises despite coronavirus threat

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 10 to 221.

The total number of active oil and gas rigs increased for the week by 9, with oil rigs rising by 10 and gas rigs falling by 1.

Total oil and gas rigs in the United States are now down by 526 compared to this time last year.

The EIA’s estimate for oil production in the United States rose in the week ending October 23—rebounding from 9.9 million barrels in the week prior to 11.1 million barrels of oil per day. U.S. oil production has been bouncing around between just under 10 million bpd to 1.1 million bpd for months now as the pandemic continues to sap demand for crude oil.

Canada’s overall rig count rose this week as well, by 3. Oil and gas rigs in Canada are now at 86 active rigs, and down 56 year on year.

After six weeks of straight additions, the frac spread count is taking a step back this week, falling from 134 to 127 active units.

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 12:12 pm EDT, WTI was trading down 2.16% at $35.39—down $5 per barrel week on week. Brent was trading down 0.69% on the day, at $37.39 also down roughly $5 on the week. .