
The number of oil rigs in the US dropped by one for the week ending July 12, according to data compiled by energy services company Baker Hughes. The count for oil rigs decreased to 478 from 479 the previous week. Gas rigs also saw a decline, falling by one to 100, while miscellaneous rigs added one, bringing the total to six. A year ago, the US had 537 oil rigs, 133 gas rigs, and five miscellaneous rigs in operation, Baker Hughes data revealed.
In total, 584 rigs were operational in the US this week, a notable decline from the 675 rigs active a year ago. In terms of state-specific data, Texas, the top producer, lost two rigs, bringing its total to 276, while Louisiana added one more rig.
Across North America, the oil and gas equipment count saw a significant increase of 13 rigs on a weekly basis, totaling 773, but this was still down from 862 rigs at the same point last year. In Canada, the rig count rose by 14 to 189, primarily driven by oil rigs.
West Texas Intermediate crude oil was trading at $82.26 per barrel on Friday late-afternoon, a 0.4% decrease.
Government reports released on Wednesday indicated an unexpected draw in commercial crude stockpiles in the US last week. Additionally, the Organization of the Petroleum Exporting Countries announced that it would keep its global oil demand growth forecasts for 2024 and 2025 unchanged at 2.2 million barrels per day and 1.8 million barrels per day, respectively.