Oil advances in height as the number of platforms continues to decline

According to Baker Hughes, the number of active oil and gas platforms has further declined this week in the United States after a series of losses over the previous weeks, keeping the total number of rigs well below last year's levels for the fourth week in a row.

In the United States, the total number of active drilling rigs in the oil and gas sector fell by 2, according to the report. The number of active platforms fell by 2 to 805 and the number of gas platforms remained stable at 183.

The total number of oil and gas platforms combined is 988, with oil recording a decrease of 39 platforms compared to the previous year and 16 gas stations compared to the same period of the previous year. last year. The total number of oil and gas platforms combined is down 57 years.

At 10:43 am EST, WTI posted a slight increase of 0.05 USD (+ 0.08%) to 61.75 USD, but a drop this week as traders struggle to accurately assess the state of the oil market with the lifting of the derogations to the sanctions of Iran and China. – The trade war between the United States is getting worse.

The Brent benchmark was trading up $ 0.21 (+ 0.30%) to $ 70.60, down slightly from one week to the next.

In the United States, the number of drilling rigs active in the oil and gas sector has declined significantly, but oil production in the United States continues to increase. Crude oil production in the United States edged down for the week ending May 3rd, reaching 12.2 million barrels, reducing the record 12.3 million barrels per day recorded last week .

The number of rigs in Canada has increased by 2, the number of active oil rigs has increased by 5, and the number of gas storage platforms has decreased by 3 to 41. Forms of oil production in Canada are now down 10 years, with a 6-year decline.

WTI rose 0.50% that day at 13:08 EST, while Brent gained 0.70%.

By Julianne Geiger for Oilprice.com

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