U.S. Oil Rig Count Update – 7/21/21
According to Baker Hughes, U.S. oil rig counts rebounded to a 15 month high level during the week ending Jul 16th. Jul 16th week ending oil rig counts increased 0.5% from the previous week while finishing 111.1% above previous year levels but remaining 57.2% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over 35 of the past 43 weeks through the week ending Jul 16th. 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 remained near recently experienced 33 month high levels and finished just three percent below the Oct ’18 highs during the week ending Jul 16th. Crude oil production volumes rebounded to a 13 month high level during the week ending Jul 16th but remained 14% below the Mar ’20 record high levels. Oil production per rig approached remained near recently experienced 14 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
Jul 16th Oil Rig Counts Increased 0.5% Week-Over-Week While Finishing 111.1% Higher YOY
Oil Rigs Have Increased Over 35 of the Past 43 Weeks Through the Week Ending Jul 16th
Horizontal Rigs Have Accounted for Over 94% of the Rebound in Total Rigs Since Mid-August
Jul 16th Crude Oil Production Reached a 13 Month High Level
Jul 16th Crude Oil Production per Rig Remained Near Recent 14 Month Low Levels