US oil & gas rig count falls for the first time in four weeks: Baker Hughes
US energy firms cut the number of oil and natural gas rigs operating for the first time in four weeks even as a rebound in crude prices from coronavirus lows over the past few months prompted some producers to return to the wellpad.
The US oil and gas rig count, an early indicator of future output, fell by two to 254 in the week to Sep. 11, according to data on Friday from energy services firm Baker Hughes Co .
That total rig count fell to a record low of 244 rigs during the week ended Aug. 14.
That was 632 rigs, or 71 per cent, below this time last year.
US oil rigs fell one to 180 this week, while gas rigs also declined by one to 71, according to Baker Hughes data.
US crude oil production is expected to fall 870,000 barrels per day to 11.38 million bpd this year, a less steep decline than the 990,000 bpd forecast last month, the US government said on Wednesday.
Even though US oil prices are still down about 38 per cent since the start of the year due to coronavirus demand destruction, US crude futures have gained 100 per cent over the past five months to around $37 a barrel on Friday mostly on hopes global economies and energy demand will snap back as governments lift lockdowns.
Analysts said those higher oil prices have encouraged some energy firms to start adding units in recent weeks.
Most firms, however, still plan to keep cutting costs.
US financial services firm Cowen & Co said the independent exploration and production (E&P) companies it tracks plan to slash spending by about 47 per cent in 2020 versus 2019. That follows a capex reduction of roughly 9 per cent in 2019 and an increase of around 23 per cent in 2018.
Cowen also said that some E&Ps issued early estimates for 2021 that so far point to an 8 per cent drop in spending next year versus 2020.
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发表于 2020-9-15 09:17
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