(+) US Oil weekly update: 3.7 million draw in crude stocks

The story of receding crude inventories for the summer months are continuing as recent data from the EIAs inventory supports experts’ opinion with yet another significant draw in crude stocks.

Commercial crude stock from the week ending July 19 were down 0.9 percent from 440.2 million barrels a week before to 436.5 million barrels last week.

At 436.5 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year The Strategic Petroleum Reserve (SPR) gained about 0.7 million barrels last week to 374.4 million barrels to offset some of the total draw. The WTI are still trailing well below the $80 mark as demand issues continues to overweigh the supply picture.

US Rig Activity

The Baker Hughes weekly rig count has been declining since the two-year top in late November, early December 2022 at 782 active rigs, 627 oil focused rigs and 155 gas focused rigs. The total of active rigs in the US now at 586 are at still around a two-year low, and down 83 rigs from 669 total active rigs a year ago. The last week BH-count had 103 active gas focused rigs, and 477 active oil focused rigs with 6 miscellaneous rigs with a total of 586, up from 584 active rigs the week prior. We had three more active gas focused rigs and one less oil focused according to Baker Hughes rig count last week.

Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Baker Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975. The North American rig count is released weekly at noon Central Time on the last day of the work week.

By the Numbers July 19, 2024

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