U.S. Oil Rig Count Update – 5/5/21
According to Baker Hughes, U.S. oil rig counts declined slightly during the week ending Apr 30th but remained near recently experienced 11 month high levels. Apr 30th week ending oil rig counts declined 0.3% from the previous week, finishing 61.5% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over 26 of the past 32 weeks through the week ending Apr 30th. Oil rig counts had declined over 24 of 27 weeks through mid-September.
Oil rig counts have declined in response to lower WTI crude oil prices, which rebounded to a 28 month high level during early Mar ’21 but remained 16% below the Oct ’18 highs during the week ending Apr 30th. Crude oil production volumes have rebounded from the three year low levels associated with deep freeze related slowdowns but remained 17% below the Mar ’20 record high levels during the week ending Apr 30th. Oil production per rig has remained historically high, finishing above recently experienced 12 month low levels.
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
Apr 30th Oil Rig Counts Declined 0.3% Week-Over-Week but Finished 5.2% Higher YOY
Oil Rigs Have Increased Over 26 of the Past 32 Weeks Through the Week Ending Apr 30th
Horizontal Rigs Have Accounted for Over 97% of the Rebound in Total Rigs Since Mid-August
Apr 30th Crude Oil Production Remained 30% Below the Mar ’20 Record High Levels
Apr 30th Crude Oil Production per Rig Finished Slightly Above Recent 12 Month Lows