The number of total active drilling rigs in the United States stayed the same this week, after the 1 rig dip in the week prior, according to new data from Baker Hughes published on Friday.
The total rig count stayed at 727 this week—271 rigs higher than the rig count this time in 2021.
Oil rigs in the United States stayed the same this week at 574. Gas rigs also stayed the same, at 151. Miscellaneous rigs stayed the same at 2.
The rig count in the Permian Basin also saw no changes this week, staying at 342. The Eagle Ford also saw no changes, staying at 66. Oil and gas rigs in the Permian are 110 above where they were this time last year.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells, fell to 283 to 727 in the week ending May 27—down from 288 in the week prior.
U.S. crude oil production was unmovable at 11.9 million bpd for the week ending May 27, according to the latest Energy Information Administration—an increase of 300,000 bpd rise since the Russian invasion of Ukraine.
At 11:06 a.m. ET, oil prices were trending up on the day. WTI was trading at $118.70—up $1.86 per barrel (+1.59%) on the day and up more than $5 per barrel on the week. The Brent benchmark traded at $119.30 per barrel, up $1.72 (+1.46%) on the day and up $2 on the week, with Brent barely hanging onto its edge over WTI.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
- Oil Prices Rise As EU Leaders Agree On Partial Russian Crude Ban
- Could Iraq Dethrone Saudi Arabia As Largest Oil Producer?
- Citi: Oil Is Overvalued By $50 Per Barrel