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U.S. Oil Rigs Decline for First Time in 13 Weeks

M. Ali 19 February, 2021 10:00 pm Commodities, Market Update

The number of active oil rigs in the United States declined this week, seeing their first weekly decrease since November 2020, according to data by Baker Hughes.

Oil rigs in the U.S. decreased by one to a total of 305 this week, while rigs drilling for natural gas increased by one to 91, reaching their highest level since April 2020.

Accordingly, the total rig count remained unchanged at 397 for the week ending on February 19.

The decline in the number of active rigs drilling for oil comes following 12 consecutive weeks of increasing, which marked the longest period of rising since June 2017.

This comes amid a strong winter storm hitting the state of Texas and leading to the shutdown of many oil and natural gas facilities.

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