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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. Rig Count Inches Higher As Prices Recover

The number of oil and gas rigs in the United States rose by 5 this week, according to Baker Hughes—after rising by 3 last week.

The total rig count is now 508, up 254 from the same time last year, but lagging behind the 790 active rigs in March 2020.

The U.S. oil rig count rose by 5 this week to 410, while the number of gas rigs held at 97. Miscellaneous rigs also held at zero.

The EIA’s estimate for oil production in the United States for the week ending August 13 rose by 100,000 bpd for the third week in a row to an average of 11.4 million barrels per day.

Canada’s overall rig count decreased by 9. Active oil and gas rigs in Canada are now at 147, up 93 on the year. 

The rig count in the Permian Basin rose by 2 again this week, while rigs in the Eagle Ford started the same.  The Permian’s total rig count is now 124 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.

The Frac Spread Count provided by Primary Vision shows that fracking crews slipped back to 236 for week ending August 20, down 2 for the week. The frac spread count estimates the number of completion crews finishing off previously drilled wells. This frac count is still up by 100 so far this year.

At 1:04 p.m. EDT, oil prices were trending up about 2 percent on the day. WTI was trading at $68.86—up about $5 per barrel on the week.  The Brent benchmark was trading at $72.60 per barrel, also up about $5 per barrel on the week.

By Julianne Geiger for Oilprice.com

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