North America lower one rig week on week, based on Baker Hughes’ newest rotary rig depend, which was revealed on September 6.
The U.S. dropped one rig week on week in whole, whereas Canada’s whole rig depend remained unchanged throughout the identical timeframe, taking the whole North America rig depend right down to 802, comprising 582 rigs from the U.S. and 220 from Canada, Baker Hughes’ newest rotary rig depend outlined.
Of the whole U.S. rig depend of 582, 562 are categorized as land rigs, 19 are categorized as offshore rigs, and one is categorized as an inland water rig. The overall U.S. rig depend is made up of 483 oil rigs, 94 gasoline rigs, and 5 miscellaneous rigs, based on the depend, which confirmed that the whole U.S. rig determine contains 520 horizontal rigs, 48 directional rigs, and 14 vertical rigs.
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The depend highlighted that, week on week, the U.S. lower one land rig. The nation dropped one gasoline rig and its horizontal rig depend lowered by one throughout the identical interval, the depend revealed. Week on week, West Virginia added two rigs and New Mexico added one rig, whereas Pennsylvania lower two rigs and Oklahoma dropped one rig, the depend confirmed.
Canada’s whole rig depend of 220 contains 152 oil rigs, 67 gasoline rigs, and one miscellaneous rig, Baker Hughes’ depend identified. The nation added one miscellaneous rig and dropped one oil rig week on week, the depend highlighted.
The overall North America rig depend is down 12 in comparison with 12 months in the past ranges, based on Baker Hughes, which outlined that the U.S. has pushed this decline, slicing 50 rigs throughout the interval whereas Canada’s depend elevated by 38. The U.S. has lower 30 oil rigs, 19 gasoline rigs, and one miscellaneous rig, whereas Canada has added 39 oil rigs and one miscellaneous rig, and lower two gasoline rigs, 12 months on 12 months, the depend revealed.
In an oil drilling report despatched to Rigzone on Friday by the JPM Commodities Analysis crew, J.P. Morgan analysts highlighted that “whole U.S. oil and gasoline rigs fell by one to 582 this week”.
“Oil-focused operators remained flat at 483 rigs, a 3rd week with no change to the depend. Pure gas-focused rigs fell by one to 94 rigs, setting a brand new low in rig depend for this 12 months,” the analysts added.
“The rig depend within the 5 main tight oil basins remained flat. We lower our 4Q24 WTI worth forecast from $81 to $76. But, considerably softer stability in 2025 is forcing the market … [to] seek for a worth that can stop OPEC+ from bringing again volumes that aren’t wanted,” they continued.
“So long as OPEC+ continues to delay the choice of when to revive 2.2 million barrels per day of voluntary cuts, worth weak point might proceed,” they went on to state.
Within the report, the analysts famous {that a} WTI worth under $70 places a draw back threat to their expectations of seven rigs addition by year-end. They added {that a} sustained worth under $65 would doubtless set off an outright decline within the present rig depend.
In its earlier rig depend, which was revealed on August 30, Baker Hughes revealed that North America dropped one rig week on week. The U.S. dropped two rigs week on week, whereas Canada added one rig throughout the identical timeframe, that depend confirmed.
Baker Hughes’ August 23 depend revealed that North America added one rig week on week, its August 16 depend revealed that North America dropped two rigs week on week, and its August 9 depend confirmed that North America’s rig depend stayed flat week on week.
Baker Hughes’ August 2 rig depend confirmed that North America added 5 rigs week on week, its July 26 depend confirmed that North America added 17 rigs week on week, its July 19 depend revealed North America added 10 rigs week on week, and its July 12 depend confirmed that North America added 13 rigs week on week.
The corporate’s July 5 depend revealed that North America added three rigs week on week, its June 28 depend additionally confirmed that North America added three rigs week on week, its June 21 rig depend revealed that North America added 4 rigs week on week, and its June 14 depend confirmed that North America added 13 rigs week on week.
Baker Hughes’ June 7 depend revealed that North America added 9 rigs week on week, its Could 31 depend confirmed that North America added eight rigs week on week, and its Could 24 rig depend highlighted that North America added two rigs week on week.
The corporate’s Could 17 depend revealed that North America dropped one rig week on week, its Could 10 depend confirmed that North America dropped six rigs week on week, its Could 3 depend additionally confirmed that North America dropped six rigs week on week, its April 26 depend confirmed that North America dropped 15 rigs week on week, and its April 19 depend confirmed that North America lower 12 rigs week on week.
Baker Hughes’ April 12 depend revealed that North America added two rigs week on week, and its April 5 depend confirmed that North America lower 16 rigs week on week.
The corporate’s March 28 depend revealed that North America dropped 21 rigs week on week, its March 22 depend confirmed that the area lower 43 rigs week on week, its March 15 depend confirmed that the area lower 11 rigs week on week, and its March 8 rig depend confirmed that North America dropped 13 rigs week on week.
Baker Hughes’ March 1 rig depend revealed that North America added three rigs week on week, its February 23 rig depend confirmed that North America added two rigs week on week, and its February 16 depend confirmed that North America’s rig depend remained unchanged week on week.
The corporate’s February 9 rig depend revealed that North America elevated its rig depend by 4 rigs week on week, its February 2 depend confirmed that North America’s rig depend stayed flat week on week, and its January 26 rig depend confirmed that North America elevated its rig depend by eight rigs week on week.
Baker Hughes’ January 19 depend revealed that North America elevated its rig depend by 11 rigs week on week, its January 12 rig depend confirmed that North America elevated its rig depend by 86 rigs week on week, and its January 5 rig depend, which marked the corporate’s first rotary rig depend of 2024, confirmed that North America added 38 rigs week on week.
The corporate’s remaining rotary rig depend of 2023 confirmed a notable week on week and 12 months on 12 months drop for North America. The area’s rig depend decreased by 58 week on week and by 155 12 months on 12 months, based on that depend, which was launched on December 29.
Baker Hughes, which has issued the rotary rig counts to the petroleum trade since 1944, describes the figures as an essential enterprise barometer for the drilling trade and its suppliers. The corporate notes that working rig location info is supplied partly by Enverus.
To contact the creator, e mail andreas.exarheas@rigzone.com
