US oil and gas firms placed more rigs into service for the fourth week in row as oil prices continued to remain steady after rebounding from a price dip earlier in the week over Covid-19 and increased Opec+ production concerns.
The oil and gas rig count rose by seven to 491 this week, its highest point in 15 months, according to the latest tally from energy services company Baker Hughes. That number is up 240 rigs from last year's count of 251.
There were 387 oil rigs working in the US this week, up by seven from last week. That number is up 206 rigs from last year’s count of 181.
Gas drillers did not add rigs this week, leaving the count unchanged at 104 rigs operating. That number is up 36 rigs from last year's count of 68.
Drillers in the Permian basin of western Texas and south-eastern New Mexico added four rigs to bring the total to 242, up 116 from last year’s count of 126.
Drillers in the Haynesville shale of Louisiana dropped one rig this week to bring the total to 48, up 16 over last year’s count of 32.
Canadian drillers dropped one from the total count, bringing it to 149 for the week, up 107 rigs from last year’s count of 42.
Canadian oil drillers dropped one rig to 93 operating, with natural gas rigs unchanged at 55.
The US offshore held steady with 17 for the week and is up five year-over-year.
The US Energy Information Administration estimate for US oil production for the week ending 16 July was unchanged from last week at 11.4 million bpd, and up 300,000 bpd from a year ago.
The West Texas Intermediate crude oil price was $71.76 per barrel on 16 July, $2.80 less than last week’s price but $31.21 more than a year ago.