US oil rig count rises for third week in a row, says Baker Hughes
London (Quantum Commodity Intelligence) - Another four oil rigs were added in the US last week, but the gas rig count slipped lower for the second week in a row, according to data from Baker Hughes.
The US oil rig count increased to 356 over the week to May 21, up from 352 a week before.
Numbers dipped slightly in the second half of April to slip to 342 by the end of the month but have risen for three weeks in a row.
The Permian basin oil rig increased by one to 230, another two were added to the Cana Woodford basin to bring the total to 15, and there were the first rigs in the Ardmore Woodford and the Arkoma Woodford basin.
But Eagle Ford lost an oil rig to bring its total down to 30.
The US gas rig count also fell by one to a total of 99.
Canada also lost a gas rig to bring its total down to 33, but its oil rig count was steady at 25.
Shale output increasing
US shale production will continue to recover in the Permian basin in June for the fourth month in a row, but there are small losses in four of the other six major oil producing regions in the US, according to the Energy Information Administration.
Output from the Permian basin will rise from 54,000 bpd in June from May after rising 47,000 bpd in May from April, the Drilling Report shows.
After hitting a low of 3.686 million bpd in February, Permian production will hit 4.589 million bpd in June, a gain of 903,000 bpd.
US benchmark WTI crude futures settled Friday at $63.58/b, compared to the previous Friday's settle of $65.37/b.
