U.S. rig count flat as Cana­dian drillers add 100+ rigs in win­ter sea­son

Tehran Times - - ENERGY -

Baker Hughes re­ported no change to the num­ber of ac­tive oil and gas in the United States this week.

The to­tal num­ber of ac­tive oil and gas drilling rigs is hold­ing steady at 1,075 ac­cord­ing to the re­port, with the num­ber of ac­tive oil rigs de­creas­ing by 4 to reach 873 and the num­ber of gas rigs in­creas­ing by

4 to reach 202.

The oil and gas rig count is now 136 up from this time last year, 121 of which is in oil rigs.

WTI prices were down on Fri­day de­spite new­found hopes that trade talks be­tween China and the United States will prove fruit­ful soon.

At 12:25pm EDT, the WTI bench­mark was trad­ing down $0.75 (-1.43 per­cent) at $51.94—up week on week, with Brent crude trad­ing down $0.87 (-1.41 per­cent) at

$60.81 per bar­rel—also up week on week. To­day’s price de­cline marks the end to a more than week-long up­trend for prices that reached a five-week high, af­ter a par­tic­u­larly volatile 2018, even by oil in­dus­try’s stan­dards.

Canada’s oil and gas rigs in­creased by

108 rigs this week—a rather abrupt halt to the 4-week los­ing streak that saw the en­ergy-rich but in­fra­struc­ture-poor coun­try lose about 100 rigs over the last four weeks as drillers are gear­ing up for win­ter sea­son. Canada’s to­tal oil and gas rig count is now

184, which is 92 fewer rigs than this time last year, with an 83-rig in­crease for oil rigs, and a 25-rig in­crease for gas rigs for the week. Canada’s fall­ing rig count is likely due in part to a new man­date that called for the coun­try to col­lec­tively shave 300,000 bpd off its crude oil pro­duc­tion fig­ures.

The EIA’s es­ti­mates for U.S. pro­duc­tion for the week end­ing Jan­uary 4 has the United States hold­ing fast at an av­er­age rate of 11.7 mil­lion bpd for the week.

By 1:07pm EDT, WTI had de­creased by

1.73 per­cent (-$0.91) at $51.68 on the day. Brent crude was trad­ing down 1.75 per­cent

(-$1.08) at $60.60 per bar­rel.

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