U.S. Oil Rig Count Update – 10/20/21
According to Baker Hughes, U.S. oil rig counts rebounded to an 18 month high level throughout the week ending Oct 15th. Oct 15th week ending oil rig counts increased 2.8% from the previous week while finishing 117.1% above previous year levels. Oil rig counts remained 37.6% below pre-pandemic seasonal levels and 49.9% below the three and a half year high levels experienced during November of 2018, however.
Oil rig counts declined throughout the first half of 2020 in response to lower WTI crude oil prices. More recently, WTI crude oil prices rebounded to a seven year level during the week ending Oct 15th.
Crude oil production volumes reached a 15 month high level during the final week of August, prior to returning to a six month low level during the first week of September, a result of declines associated with Hurricane Ida. Crude oil production levels remained slightly below pre-Hurricane Ida levels as of the week ending Oct 15th while oil production per rig remained near recently experienced 17 month low levels.
Oil Rig Counts Followed Crude Oil Prices Lower Prior to Rebounding Throughout 2021
Oct 15th Oil Rig Counts Increased 2.8% Week-Over-Week While Finishing 117.1% Higher YOY
The Oct 15th Week-Over-Week Increase in Oil Rigs was the 20th in the Past 24 Weeks
Horizontal Rigs Have Accounted for 92% of the Rebound in Total Rigs Since Aug ’20
Oct 15th Crude Oil Production Volumes Remained Slightly Below Pre-Hurricane Ida Levels
Oct 15th Crude Oil Production per Rig Remained Near Recent 17 Month Low Levels