The number of oil and gas rigs in the United States fell by 11 this week, according to Baker Hughes —after rising by 5 last week. The total rig count is now 497, up 241 from the same time last year, but lagging behind the 790 active rigs in March 2020. The U.S. oil rig count fell dramatically this week to 394—a 16-rig decline and the largest single-week since June 2020. The number of gas rigs increased by 5. Miscellaneous rigs held at zero. The EIA’s estimate for oil production in the United States for the week ending August 20 rose by 100,000 bpd to an average of 11.5 million barrels per day. It is the highest production rate in the United States since the week ending May 15, 2020. Canada’s overall rig count increased by 5. Active oil and gas rigs in Canada are now at 152, up […]