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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 Rigs See Sharpest One-Week Decline In Over A Year

The number of oil and gas rigs in the United States fell by 11 this week, according to Baker Hughes—after rising by 5 last week.

The total rig count is now 497, up 241 from the same time last year, but lagging behind the 790 active rigs in March 2020.

The U.S. oil rig count fell dramatically this week to 394—a 16-rig decline and the largest single-week since June 2020. The number of gas rigs increased by 5. Miscellaneous rigs held at zero.

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The EIA’s estimate for oil production in the United States for the week ending August 20 rose by 100,000 bpd to an average of 11.5 million barrels per day. It is the highest production rate in the United States since the week ending May 15, 2020.

Canada’s overall rig count increased by 5. Active oil and gas rigs in Canada are now at 152, up 100 on the year. 

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The rig count in the Permian Basin rose by 1 this week, while rigs in the Eagle Ford stayed the same.  The Permian’s total rig count is now 125 rigs above what it was this time last year, while the Eagle Ford’s rig count is 26 more than it was this time last year, at 35.

Primary Vision’s Frac Spread Count,  which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose to 240 for week ending August 27, up 4 for the week. This frac count is still up by more than 100 so far this year.

According to the EIA’s Drilling Productivity Report, the number of drilling but uncompleted wells (DUCs) dropped from 6,215 in June to 5,957 in July, as U.S. drillers continue to focus on finishing off wells as opposed to drilling new ones. The DUC count is down significantly from a year ago, when the count reached a record 8,933 unfinished wells.

At 11:17 p.m. EDT, oil prices were trending down on the day. WTI was trading at $69.62—down 0.53% on the day but up almost $7 per barrel on the week.  The Brent benchmark was trading at $72.89—down 0.19% on th day but also up $7 per barrel on the week.  

By Julianne Geiger for Oilprice.com

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