Last weeks rig counts - down again in US, up 2 in Cda US Oil Rig Count Decreases by Eight This Week, Baker Hughes Says
04:57 PM EST, 03/03/2023 (MT Newswires) -- The number of oil rigs operating in the US fell by eight this week, according to data compiled by energy-services firm Baker Hughes (BKR).
The count decreased to 592 in the seven days through Friday, Baker Hughes said. A year earlier, the US had 519 oil rigs in operation.
Oil and gas rigs in the US declined by four to 749, with the count for gas increasing by three to 154 while miscellaneous rigs added one, taking the total to three, the company's data showed.
In the same period of 2022, there were 130 gas rigs and one miscellaneous rig in operation. Overall, there were 650 rigs operating in the US last year.
Among US states, top producer Texas lost four rigs to 366, while Louisiana lost two to 62 and Oklahoma lost one to 61.
Across North America, oil and gas equipment decreased by two to 995, up from 867 at the same point last year. In Canada, the count was up by two on a weekly basis to 246, compared with 217 operating during the same period last year. Canada's oil rigs were unchanged at 158 from the prior week, while gas gained two rigs to 88.
West Texas Intermediate crude oil futures traded up 2.1%, increasing for the fourth consecutive session. "Stronger demand in Asia is offsetting" some concerns about a hawkish monetary policy in the US and Europe, Australia and New Zealand Banking Group said in a note on Friday.
On Wednesday, the Energy Information Administration reported that commercial crude stockpiles in the US rose more than expected through the week ended last Friday as distillate fuel inventories and gas production increased.