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The Age Of Oil Isn’t Over

The Age Of Oil Isn’t Over

Continued growth in oil demand…

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 Rises As Crude Prices Climb Higher

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose this week, bringing the total rig count to 461 as U.S. drillers boast more than 100 additional rigs this year.

In the week prior, the U.S. oil and gas rig count decreased by 1. But the trend is definitely one of gaining rigs, with 110 rigs added this year to date.

The total number of active oil and gas drilling rigs in the U.S. is now 182 more than this time last year.

The oil rig count rose by 6 this week to 365. The number of gas rigs decreased by 1 for the third week in a row, and now sits at 96. The number of miscellaneous rigs stayed the same.

The EIA’s estimate for oil production in the United States for the week ending June 4—the last available data—returned to an average of 11.0 million barrels per day compared to the 13.1 million bpd peak production reached in February 2020, before the pandemic crushed oil demand.

Canada’s overall rig count increased this week by 16. Oil and gas rigs in Canada now sit at 93 active rigs, up 72 on the year. 

The rig count in the Permian basin increased by 4 this week. At 236 rigs, the Permian’s total rig count is now 99 rigs above what it was this time last year, but hundreds below the two years ago level.

The Frac Spread Count provided by Primary Vision shows that fracking crews decreased last week to 224.  The frac spread count estimates the number of completion crews finishing off previously drilled wells. This frac count is up by nearly 100 so far this year.

At 11:37 a.m. EDT, WTI was trading up $0.53 per barrel on the day at $70.82—up nearly $1.50 per barrel on the week.

The Brent benchmark was trading up $0.16 per barrel on the day, at $72.68 per barrel.

By Julianne Geiger for Oilprice.com

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