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Julianne Geiger

Julianne Geiger

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U.S. Oil Drilling Gets Another Bump As WTI Soars To $80

Permian rig

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

The total rig count rose by 3 to 629 this week, compared to 749 rigs this same time last year.

The number of oil rigs rose by 3 this week after falling by 1 in the week prior. Oil rigs now stand at 506--down by 86 compared to this time last year. The number of gas rigs fell again this week by 1 to 119, a loss of 35 active gas rigs from this time last year. Miscellaneous rigs rose by 1 to a total of 4.

Meanwhile, U.S. crude oil production stayed the same at an average 13.3 million bpd in the week ending February 23, hovering at their all-time high level.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, rose in the week ending February 23. Completions rose by 6 to 270 for the week to the highest point yet this year.

The Permian saw a 1-rig gain after increasing 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 11:02 p.m. ET, the WTI benchmark was trading up $2.13 (+2.72%) on the day at $80.39, up nearly $4 week over week.  

The Brent benchmark was trading up $1.87 (2.28%) at $83.78, up roughly $2 per barrel from a week ago.

By Julianne Geiger for Oilprice.com

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