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Oil Rig Count Slides In Tough Week For Crude

The number of total active drilling rigs in the United States dropped by 1 this week, according to new data from Baker Hughes published on Friday.

The total rig count fell to 759 this week—256 rigs higher than the rig count this time in 2021.

Oil rigs in the United States fell by 5 this week, to 591. Gas rigs rose by 4, to 166. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin dropped by 2 to 340 this week. Rigs in the Eagle Ford stayed the same at 71. Oil and gas rigs in the Permian are 86 above where they were this time last year. 

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—fell 5 to 282 for the week ending September 2, compared to 240 a year ago.

Crude oil production in the United States remains unchanged for the week ending September 2. U.S. crude oil production stayed at 12.1 million bpd for the second consecutive week, according to the latest weekly EIA estimates. U.S. production levels are up 400,000 bpd on the year, and up 2.1 million bpd versus a year ago.

At 12:29 p.m. ET, the WTI benchmark was trading up $2.62 per barrel (3.14%) on the day at $86.16 per barrel, but still down on the week.

The Brent benchmark was trading up at $91.84 per barrel, up $2.69 (+3.02%) on the day, but also down compared to this time last Friday. 

Oil prices were up more than 4% on the day after the data release.

By Julianne Geiger for Oilprice.com

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