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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 588 this week, compared to 682 rigs this same time last year.
The number of oil rigs fell by 3 this week, after falling by 4 in each of the two weeks prior. Oil rigs now stand at 485—down by 61 compared to this time last year. The number of gas rigs stayed the same this week at 98, a loss of 32 active gas rigs from this time last year. Miscellaneous rigs rose by 1, to 5.
Meanwhile, U.S. crude oil production stayed at 13.2 million bpd for for the second week in a row for week ending June 14. Current weekly production in the United States, according to the EIA, is now down just 100,000 bpd from the all-time high of 13.3 million bpd.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, rose in the week ending June 14, from 247 to 250.
Drilling activity in the Permian slipped by 1 again this week to 308. The count in the Eagle Ford fell by 1 this week, reaching 50 after falling by a single rig in the week prior.
Oil prices were trading down on Friday. At 12:44 p.m. ET, the WTI benchmark was trading down $0.61 (-0.75%) on the day at $80.68—about $2.30 above last Friday’s price.
The Brent benchmark was trading down $0.55 (-0.64%) at $85.16, a nearly $3 per barrel climb from a week-ago levels.
By Julianne Geiger for Oilprice.com
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However, the best rebuttal to the hype is that the US still imports an estimated 8.0 mbd and that US shale oil is incapable of contributing to the refilling of the SPR.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert