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5/6/2016, 7:00 PM (Source: TeleTrader)
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Weekly rig count: U.S. shuts 4 oil rigs, Canada ads 1 oil rig

There were 328 oil rigs active in the United States on May 6, compared to 332 a week ago. The number of gas rigs fell by 1 to 86. In the comparable report from a year ago there were 668 oil rigs and the number of gas units stood at 221 in the United States, according to Baker Hughes' Rotary Rig Count.

The number of oil rigs in Canada increased by 1 to a total of 11 on May 6. Canada had 16 oil rigs a year ago. There were 24 gas rigs in the current report, or 2 less compared to the last week. Canada saw 35 gas rigs closed in one year.

Worldwide, the number of rigs stood at 1,424 at the end of April, of which 946 were in North America. There were 384 rigs operational in Middle East, where bulk of world oil is produced, down from 410 in April 2015. There was a significant fall in number of rigs in Latin America, and 203 remained operating, compared to 325 in the same month a year ago. Europe and Africa counted 90 rigs each, while in Asia-Pacific region there were 179 operational rigs, down from 228 a year ago.

Oil prices were on a slow rise on Friday following the Thursday's rally caused by huge wildfire in oil-sand region of Canadian province of Alberta (pictured). Prices slightly fell in an anticipation of the Baker Hughes report, issued on Fridays at 1:00 p.m. EDT (7:00 p.m. CET).

North American light sweet crude West Texas Intermediate for June delivery was up 1.05% at $44.79 a barrel. The crude gained 17.35% in just one month.

International benchmark Brent also for June contracted 1.12% higher at $45.52 per barrel at 7:16 p.m. CET. The crude added 13.28% in price in the last month.

The Organization of the Petroleum Exporting Countries earlier reported its OPEC daily basket price of 13 crudes at $41.15 a barrel on Thursday, compared with $40.44 the previous day.

Natural gas rose 2.73%. Gasoil was up 0.50%, while heating oil prices were up just 0.08% with heating season over.

 

Image: EPA

Breaking the News / ZR