Rig counts for last weekHope all are having a great weekend !!
US Oil Rig Count Decreases by Seven This Week, Baker Hughes Says
04:19 PM EST, 02/24/2023 (MT Newswires) -- The number of oil rigs operating in the US fell by seven this week, according to data compiled by energy-services firm Baker Hughes (BKR).
The count decreased to 600 in the seven days through Friday, Baker Hughes said. A year earlier, the US had 522 oil rigs in operation.
Oil and gas rigs in the US declined by seven to 753 as the counts for gas and miscellaneous rigs remained unchanged at 151 and two, respectively, the company's data showed.
In the same period of 2022, there were 127 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 was unchanged for the second week in a row at 370, while New Mexico and Oklahoma each lost two, to 106 and 62, respectively.
Across North America, oil and gas equipment decreased by 11 to 997, up from 874 at the same point last year. In Canada, the count was down by four on a weekly basis at 244, compared with 224 operating during the same period last year. Canada's oil rigs fell by five to 158, while gas gained one rig to 86.
West Texas Intermediate crude oil futures traded up 1.5% by late Friday, increasing for the second straight session. "Crude oil reversed recent losses as supply side issues were back in focus" amid reports "that Russia is planning to reduce exports from its western ports in March by about 25% from February," Australia and New Zealand Banking Group said in a note on Friday.
On Thursday, the Energy Information Administration reported that commercial crude stockpiles in the US rose more than expected through the week ended last Friday as petroleum and distillate fuel inventories increased.