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U.S. Oil Drilling Sees 6-Rig Gain

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 5 to 626 this week, compared to 753 rigs this same time last year.

The number of oil rigs rose by 6 this week after falling by 2 in the week prior. Oil rigs now stand at 503--down by 97 compared to this time last year. The number of gas rigs fell by 1 this week to 120, a loss of 31 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 16, 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 16. Completions rose by 4 to 264 for the week.

The Permian saw a 2-rig gain after falling by 1 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 down on Friday morning. At 12:50 p.m. ET, the WTI benchmark was trading down $1.84 (-2.34%) on the day at $76.77, down roughly $2.50 week over week.  

The Brent benchmark was trading down $1.85 (-2.21%) at $81.82, a decrease of nearly $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