On Friday, Baker Hughes data showed the US oil rig count rose by five to 820, 132 more than this time last year. In Canada, the oil rig count is down by three to 38. Linn Energy photo.
Canadian rig count down by three
On Friday, Baker Hughes reported the total number of rigs operational in the United States rose by 5 from last week to 1,013. The total rig count in Canada fell by nine to 93.
The number of oil rigs in the US rose by five to 820, up 132 over this time last year.
According to Reuters, US energy companies are following through on plans to up their spending on drilling in 2017 to take advantage of rising oil prices.
The number of oil rigs in the US rose by five to 820, the highest count since March 2015, according to Baker Hughes. The number of US gas rigs rose by 25.
Texas has, by far, the most rigs at 509, up from 426 at this time last year. In the Permian Basin alone, there are 453 oil rigs.
According to data from the US Energy Information Administration, output from the Permian is expected to hit a record high of nearly 3.2 million barrels/day in May. This would be about 30 per cent of the entire production of the United States.
This week, US crude futures traded at over $69/barrel, the highest since November 2014. By 3:40 p.m., EDT, US WTI futures sat at $61.21/barrel, down 12 cents.
Prices stumbled earlier in the session after US President Donald Trump tweeted that “With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!”
Following the tweet, oil prices fell by about one dollar, but recovered throughout the session.
In 2017, the average price for US crude was $50.85/barrel and $43.47/barrel in 2016.
The number of oil rigs in Canada fell by three to 38 and there were down six to 55. The decline is mostly due to seasonal factors.