Oil rig count down again US Oil Rig Count Decreases by Two This Week, Baker Hughes Says
03:14 PM EST, 02/17/2023 (MT Newswires) -- The number of oil rigs operating in the US fell by two this week, according to data compiled by energy-services firm Baker Hughes (BKR).
The count decreased to 607 in the seven days through Friday, Baker Hughes said. A year earlier, the US had 520 oil rigs in operation.
Oil and gas rigs in the US declined by one to 760. Gas rigs rose by one to 151, while miscellaneous rigs remained unchanged at two, the company's data showed.
In the same period of 2022, there were 124 gas rigs and one miscellaneous rig in operation. Overall, there were 645 rigs operating a year ago.
Among US states, top producer Texas was unchanged at 370 rigs, while Louisiana lost two to 64 and New Mexico lost one to 108.
Across North America, oil and gas equipment decreased by three to 1,008, up from 865 at the same point last year. In Canada, the count was down by two on a weekly basis to 248, compared with 220 operating during the same period last year. Canada's oil rigs increased by two to 163, while gas lost four rigs to 85.
West Texas Intermediate crude oil futures traded down 2.6% by late Friday afternoon, extending losses to the sixth straight day. On Wednesday, the Energy Information Administration reported that commercial crude stockpiles in the US rose more than expected through the week ended Feb. 10 as petroleum and gas stocks increased.
"East Coast gasoline inventories rose to their highest level in more than a year, even as imports slowed," Australia and New Zealand Banking Group said in a note on Friday.
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