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U.S. Crude Oil And Gasoline Inventories Drop Off

U.S. Drillers Pump The Brakes

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday.

The total rig count fell by 2 to 621 this week, compared to 760 rigs this same time last year.

The number of oil rigs fell by 2 this week after no movement in the week prior, falling to 497--down by 110 compared to this time last year. The number of gas rigs stayed the same this week at 121, a loss of 30 active gas rigs from this time last year. Miscellaneous rigs stayed at 3.

Meanwhile, U.S. crude oil production stayed the same at an average 13.3 million bpd in the week ending February 9. After a brief dropoff due to a cold spell in the United States, oil production rates in the U.S. are now back to their previous record high.

Primary Vision's Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, rose in the week ending February 9. Completions rose by 10 to 260 for the week.

The Permian saw a 1-rig loss added after rising by 2 the week before. The count in the Eagle Ford stayed the same this week after seeing no movement in the week prior.

Oil prices were trading up on Friday morning. At 12:46 p.m. ET, the WTI benchmark was trading up $1.07 (+1.37%) on the day at $79.10,  up nearly $3 week over week.  

The Brent benchmark was trading up $0.75 (+0.91%) at $83.61, an increase of roughly $2 per barrel from a week ago.

By Julianne Geiger for Oilprice.com

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Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More