U.S. Oil Rig Count Update – 8/18/21
According to Baker Hughes, U.S. oil rig counts increased to a 16 month high level during the week ending Aug 13th. Aug 13th week ending oil rig counts increased 2.6% from the previous week while finishing 130.8% above previous year levels but remaining 55.3% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over 38 of the past 47 weeks through the week ending Aug 13th. Oil rig counts had declined over 24 of 27 weeks through mid-Sep ’20.
Oil rig counts declined throughout the first half of 2020 in response to lower WTI crude oil prices, which rebounded to a 33 month high level throughout the first week of Jul ’21 and remain just nine percent below the Oct ’18 highs during the week ending Aug 13th. Crude oil production volumes finished tied for the highest level experienced throughout the past 15 months during the week ending Aug 13th but remained 13% below the Mar ’20 record high levels. Oil production per rig declined to a 16 month low level but remained historically high, overall.
Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015
Oil Rig Counts Followed Crude Oil Prices Lower Prior to Rebounding Throughout 2017-2018
Aug 13th Oil Rig Counts Increased 2.6% Week-Over-Week While Finishing 130.8% Higher YOY
Oil Rigs Have Increased Over 38 of the Past 47 Weeks Through the Week Ending Aug 13th
Horizontal Rigs Have Accounted for Over 97% of the Rebound in Total Rigs Since Mid-August
Aug 13th Crude Oil Production Finished Tied for the Highest Level Experienced in 15 Months
Aug 13th Crude Oil Production per Rig Declined to a 16 Month Low Level