Over the past month, oil prices have seen a steady rise. On October 26th, WTI closed at $38.56. Since then prices hit a low of $35.79 on October 30th and a high of $45.71 on November 26th. On November 30th, WTI closed at $45.34.
The November 25th Baker Hughes rig count report shows 306 active drilling rigs in the US. The oil rig count is 241 rigs, and the gas rig count is 77. One year ago, the total active land rig count was 780. Oil rigs are down 427, and gas rigs are down 54 compared to the November 2019 counts.
*Data from November 23, 2020, Baker Hughes Report.
|Bakken Region Total: 11
North Dakota: 11
|Rocky Mountain Total: 68
New Mexico: 58
|Central Plains Total: 13
|Gulf States Total: 39
Louisiana North: 27
Louisiana South (land & offshore): 12
|Texas Total: 145
District 1: 8
District 2: 11
District 3: 2
District 4: 6
District 5: 0
District 6: 15
District 7B: 1
District 7C: 11
District 8: 87
District 8A: 4
District 9: 0
District 10: 0
|Appalachian Total: 31
West Virginia: 7
In the major plays, the Permian Basin rig count is at 161 rigs, up 28 rigs from October.
In east Texas, the Eagle Ford shale is at 23 active rigs, up seven from last month.
The Haynesville shale rig count is at 40 rigs, up three from one month ago.
The Anadarko rig count is 13, which is down two rigs from the October count.
In the Rockies, the active rig count in the Niobrara Shale is seven rigs, which is the same count as October.
The Bakken Shale Rig count is eleven rigs, down one from October.
The Appalachian has 31 active rigs, a decrease of one rig from last month.
The Energy Information Administration’s November 25th This Week in Petroleum report states that continued low demand for refined products has reduced refinery demand for crude. With the continuing of the Covid-19 outbreak, short-term demand for gasoline and other refined products is predicted to stay flat.
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