U.S. Oil Rig Count Update – 6/16/21
According to Baker Hughes, U.S. oil rig counts rebounded to a 13 month high level during the week ending Jun 11th. Jun 11th week ending oil rig counts increased 1.7% from the previous week while finishing 83.4% above previous year levels but remaining 58.9% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over 31 of the past 38 weeks through the week ending Jun 11th. Oil rig counts had declined over 24 of 27 weeks through mid-Sep ’20.
Oil rig counts have declined in response to lower WTI crude oil prices, which rebounded to a 32 month high level but remained seven percent below the Oct ’18 highs during the week ending Jun 11th. Crude oil production volumes rebounded to a one year high level during the week ending Jun 11th but remained 15% below the Mar ’20 record high levels. Oil production per rig approached recently experienced 13 month low levels 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
Jun 11th Oil Rig Counts Increased 1.7% Week-Over-Week While Finishing 83.4% Higher YOY
Oil Rigs Have Increased Over 31 of the Past 38 Weeks Through the Week Ending Jun 11th
Horizontal Rigs Have Accounted for Over 98% of the Rebound in Total Rigs Since Mid-August
Jun 11th Crude Oil Production Remained 15% Below the Mar ’20 Record High Levels
Jun 11th Crude Oil Production per Rig Remained Near Recent 13 Month Low Levels