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Julianne Geiger

Julianne Geiger

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

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U.S. Oil Rig Count Jumps As Crude Prices Near 3-Year High

The number of oil and gas rigs in the United States rose by 9 again this week, according to Baker Hughes

The total rig count is now 521, up 260 from this time last year, but lagging behind the 790 active rigs in March 2020.

The U.S. oil rig count rose this week to 421—a 10-rig increase. The number of gas rigs fell by 1. Miscellaneous rigs held at zero.

The EIA’s estimate for oil production in the United States for the week ending September 17 rose 500,000 bpd to an average of 10.6 million barrels per day as Gulf of Mexico oil producers returned some of the shut-in production to service after Hurricane Ida.

Canada’s overall rig count increased by 8. Active oil and gas rigs in Canada are now at 162, up 91 on the year. 

The rig count in the Permian Basin rose by 1 this week, as did the number of rigs in the Eagle Ford.  The Permian’s total rig count is now 135 rigs above what it was this time last year, while the Eagle Ford’s rig count is 25 more than it was this time last year, at 37.

Primary Vision’s Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose by 8 to 252 for week ending September 17. The frac count is up by nearly 120 for the year.

At 1:02 p.m. EDT, oil prices were trending up on the day. WTI was trading at $73.98—up 0.93% on the day and $2.60 on the week.  The Brent benchmark was trading at $77.99—up 0.96% on the day and more than $3 per barrel on the week.  

By Julianne Geiger for Oilprice.com

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