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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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Oil And Gas Rig Count Rises As Crude Prices Stabilize

The number of oil and gas rigs in the United States rose by 2 this week, according to Baker Hughes.

The total rig count is now at 544, up 248 from this time last year, but still under the 790 active rigs as of March 2020.

The U.S. oil rig count rose this week to 444—a 1-rig increase—after the first loss in seven weeks in the week prior. The number of gas rigs also increased by 1, while miscellaneous rigs stayed the same.

The EIA's estimate for oil production in the United States for the week ending October 22 said the same at 11.3 million bpd.

Canada's overall rig count increased by 2. Active oil and gas rigs in Canada are now at 166, up 80 on the year. 

The rig count in the Permian Basin stayed the same this week, but has seen gains of 126 active rigs over the past year.  The number of rigs in the nation's second most prolific basin, the Eagle Ford, also stayed the same this week, but have gained 23 rigs over the last year. The Permian's total rig count is now 268, with 40 total in the Eagle Ford.

Primary Vision's Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews fell 3 this week to 265 for week ending October 22. The frac count is still up by more than 130 since the start of the year.

At 11:39 a.m. EDT, oil prices were trending down on the day. WTI was trading at $82.51—down 0.36% on the day and more than $1 down on the week. The Brent benchmark was trading at $84.32, flat on the day but down $1 on the week. 

By Julianne Geiger for Oilprice.com

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  • George Doolittle on October 29 2021 said:
    There is an interesting moving in the ahem "light farm tractor market" ahem towards basically a bulldozer.

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    Certainly no surprise $tsla Tesla Motors is sporting a now well in excess $1 *TRILLION* US Dollar market cap!

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    As well Royal Dutch Shell is entering the "mini-mart" industry which in the USA is truly massive.

    Long $rad Rite Aid
    Strong buy

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