RIG DATA: US oil and gas rig count edges higher, larger jump in Canada
Quantum Commodity Intelligence - There was a larger rise in the Canadian oil and gas rig count last week than in the US, as WTI prices held above $70/b, data showed Monday.
In Canada, the oil rig count gained six to 94 over the week ending July 16, while the gas rig count gained seven to 55.
Before the Covid pandemic as of March 13, 2020, there were 115 oil rigs and 60 gas rigs in Canada.
Meanwhile, the US oil rig count gained two to 380 in the week to July 16, still down 303 from its pre-pandemic peak in March 2020, according to Baker Hughes.
The US gas rig count gained three to 104 over the week which was slightly higher than levels in late February and early March 2020.
Overall, the North American oil and gas rig count gained 18 to 634.
Meanwhile, the US frac spread count gained four to a total of 242, data from the American Oil and Gas Reporter showed.
The frac spread is a set amount of equipment that an oil field service company uses for hydraulic fracturing.
There were around 300 active frac crews when the Covid pandemic struck in March 2020, analysts noted.