Skip to content
800-884-8290

|

Client Login

|

Open an Account
  • About Us
  • Services
    • Futures & Options Brokerage
    • Organic Grain Swaps
    • Margin Management
    • Commodity Marketing Education
    • Consulting & Insurance
  • Research
    • Dairy
    • Livestock
    • Grain & Oilseeds
    • Ethanol & Biodiesel
  • Account
  • Quotes
  • Contact Us

U.S. Oil Rig Count Update – 2/2/22

  • February 3, 2022
  • by Belinda Przybylski

According to Baker Hughes, U.S. oil rig counts reached a 21 month high level during the week ending Jan 28th. Jan 28th week ending oil rig counts increased 0.8% from the previous week while finishing 67.8% above previous year levels. Oil rig counts remained 26.7% below pre-pandemic seasonal levels and 44.3% below the three and a half year high levels experienced during November of 2018, however. The current rebound in oil rig counts has been slower than rebounds from cyclical lows experienced throughout both 2009 and 2016.

Oil rig counts declined sharply throughout the first half of 2020 in response to lower WTI crude oil prices. WTI crude oil prices rebounded to a seven year level during the week ending Jan 28th.

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 rebounded to 20 month high level throughout Dec ’21 prior to returning to a two month low level throughout the week ending Jan 28th. Jan 28th oil production per rig also reached a 21 month low level.

Oil Rig Counts Followed Crude Oil Prices Lower Prior to Rebounding Throughout 2021

Jan 28th Oil Rig Counts Increased 0.8% Week-Over-Week While Finishing 67.8% Higher YOY

Oil Rig Counts Have Finished Flat to Higher Over 34 of the Past 39 Weeks Through Jan 28th

The Current Rebound in U.S. Oil Rig Counts Remains Slower Than Previous Cycles

Horizontal Rigs Have Accounted for 95% of the Rebound in Total Rigs Since Aug ’20

Jan 28th Crude Oil Production Volumes Returned to a Two Month Low Level

Jan 28th Crude Oil Production per Rig Declined to a 21 Month Low Level

Atten Babler Dairy FX Indices – Feb ’22
Railroad Service Report Update – Feb ’22
Dairy
Ethanol
Livestock
Grain

Recent Ethanol & Biodiesel Research

  • Ethanol Exports – Oct’22
  • Weekly Petroleum Stocks Update – 10/14/22
  • Weekly Ethanol Update – 08/05/22
  • Weekly Ethanol Update – 5/25/22
  • EIA Drilling Productivity Report Update – May ’22
Atten Babler Commodities LLC
11406 US Route 20 W
Galena, IL 61036
800-884-8290
Privacy Policy
Futures, options and swaps brokerage is provided through Atten Babler Commodities LLC. The risk of loss in trading commodity futures and options and swaps is substantial. Swaps trading should only be undertaken by investors who are Eligible Contract Participants (ECPs) within the meaning of Section 1a(18) of the Commodity Exchange Act. Before trading, you should carefully consider your financial position to determine if futures, options or swaps trading is appropriate. When trading futures, options or swaps, it is possible to lose more than the full value of your account. All funds committed should be risk capital. Past performance is not necessarily indicative of future results. Atten Babler Commodities LLC use sources that they believe to be reliable, but they cannot warrant the accuracy of any of the data included in this site. Opinions and market data are subject to change at any time. Unless otherwise stated the information contained herein is meant for informational purposes only and is not a solicitation to buy futures or options or swaps.
© Copyright 2023 Atten Babler Commodities LLC