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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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Is The Oil Rig Count Collapse Finally Over?

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 4 to 183.

The total number of active oil and gas rigs increased for the week by 6 to 261, with oil rigs increasing by 4 and gas rigs increasing by 2.

Total oil and gas rigs in the United States are now down by 599 compared to this time last year.

The EIA’s estimate for oil production in the United States fell for the week ending September 18—the last week for which there is data, to 10.7 million barrels of oil per day, down from 10.9 million bpd in the week prior and 10.0 million bpd the week before that. U.S. oil production is still down 2.4 million bpd from its all-time high reached earlier this year.

Canada’s overall rig count rose by 7 this week. Oil and gas rigs in Canada are now at 71 active rigs, down 56 year on year. 

The Frac Spread Count in North America, which is provided by Primary Vision, rose by 4 last week, from 85 to 89. The Frac Spread Count—a metric that shows active well completion crews as opposed to Baker Hughes’ active well drilling - has sat below 100 since the last week of April. Before April, the Frac Spread Count has never dipped below 150 since Primary Vision started to collect data in 2014.

At 12:48 p.m. EDT, WTI was trading down $0.22 (-0.55%) on the day at $40.10, while Brent crude was trading down $0.06 (-0.14%) on the day at $41.88 per barrel as demand worries continue to weigh on the oil market.

At 1:12 pm, WTI was trading at $40.21 per barrel, with Brent changing hands at $41.87 per barrel. 

Get more information and historical data on the rig count and frac spread on oilprice.com's new rig count page.

By Julianne Geiger for Oilprice.com

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