By Mark Burgess – Monday 15 November 2021
The number of drill rigs operating in the United States increased for a third consecutive week on the back of continued high oil prices and improved demand.
An estimated 556 rigs were operating in the US during the week ended November 12, up by six rigs from the previous week, according to data from Baker Hughes Inc. That number represented a 78.21% jump from the 312 rigs in operation during the corresponding week of 2020.
The current US rig count is at its highest level since April 9, 2020, when it was at 602 rigs.
Oil accounted for 454 rigs, up by four from 450 rigs the previous week. US gas rigs rose by two to 102 rigs from 100 rigs the previous week.
The December contract West Texas Intermediate crude oil price landed at $80.79 per barrel on Friday November 12, down by 0.52% from $81.21 per barrel on November 5.
In Canada, 168 rigs were in operation this past week, up by eight from 160 rigs the previous week. The number of oil rigs in operation totaled 101 rigs, up by six from 95 rigs the prior week. The gas rig count was estimated at 67 rigs, up by two from the previous week’s 65 rigs.
Prices for most oil country tubular goods products and line pipe rose or were steady in early November amid improving demand and increased project activity, sources said.
