Baker Hughes reported on Friday that the number of oil and gas rigs in the United States stayed the same this week, with the total rig count holding fast at 470 as U.S. drillers boast more than 200 additional rigs this year.
In the week prior, the U.S. oil and gas rig count increased by 9.
The total number of active oil and gas drilling rigs in the U.S. is now 205 more than this time last year.
The oil rig count fell by 1 this week to 372. The number of gas rigs increased by 1 and now sits at 98. The number of miscellaneous rigs stayed the same.
The EIA’s estimate for oil production in the United States for the week ending June 18—the last available data—increased to an average of 11.1 million barrels per day.
Canada’s overall rig count increased this week as well, by 9. Oil and gas rigs in Canada now sit at 126 active rigs, up 113 on the year.
The rig count in the Permian basin decreased by 1 this week. At 236 rigs, the Permian’s total rig count is now 105 rigs above what it was this time last year.
The Frac Spread Count provided by Primary Vision shows that fracking crews increased last week to 235, up from 230 in the week prior. The frac spread count estimates the number of completion crews finishing off previously drilled wells. This frac count is up by more than150 so far this year.
At 12:31 p.m. EDT, WTI was trading up $0.76 per barrel on the day at $74.06—up $2.30 per barrel on the week.
The Brent benchmark was trading up $0.50 per barrel on the day, at $76.06 per barrel—up almost $2.50 per barrel.
By Julianne Geiger for Oilprice.com
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They should continue to heed the wise advice of the shale oil veteran Harold Hamm ‘not to drill themselves into oblivion.’
Dr Mamdouh G Salameh
International Oil Economist
Visiting Professor of Energy Economics at ESCP Europe Business School, London