The total number of total active drilling rigs in the United States fell by 7 this week, according to new data from Baker Hughes published Friday, after rising by 2 last week.
It is the largest single-week decrease in the number of active drilling rigs since February.
The total rig count fell to 748 this week—43 rigs higher than the rig count this time in 2022—and 327 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.
Oil rigs in the United States fell by 3 this week to 588. Gas rigs fell by 4 to 157. Miscellaneous rigs stayed the same.
The rig count in the Permian Basin fell sharply by 5, while the rig count in the Eagle Ford slipped by 3.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells—a more frugal use of finances than drilling new wells, rose by 4 for the week ending April 28, to 294. This is one fewer finishing crew than a month ago, and 21 more than a year ago.
Crude oil production in the United States rebounded by 100,000 bpd for the week ending April 28 to 12.3 million bpd, according to the latest weekly EIA estimates. U.S. production levels are up 400,000 bpd versus a year ago.
At 12381 p.m. ET, the WTI benchmark was trading up $2.63 (+3.84%) on the day at $71.19, but still down more than $5 per barrel from this time last week.
The Brent benchmark was trading up $2.64 (+3.64%) at $75.14 $79.55 per barrel on the day, but down more than $4 per barrel from last Friday.
WTI was trading at $71.36 minutes after the data release, up 4.08% on the day.
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By Julianne Geiger for Oilprice.com
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