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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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Rig Count Climbs As Oil Prices Bounce Back

The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday.

The total rig count rose to 752 this week—273 rigs higher than the rig count this time in 2021.

Oil rigs in the United States rose by 2 this week to 597. Gas rigs stayed the same at 153. Miscellaneous rigs were also unchanged, at 2.

The rig count in the Permian Basin rose by 1 this week to 350. Rigs in the Eagle Ford held steady at 68. Oil and gas rigs in the Permian are 113 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—slipped last week. The frac spread count is now 285 for the week ending July 1, compared to 234 a year ago.

Crude oil production in the United States held steady at 12.1 million bpd in the week ending July 1—still a million barrels shy of pre-pandemic levels.

At 11:26 a.m. ET, oil prices were trending up on the day, but still down significantly on the week as recession fears outweighed the Russia factor. WTI was trading at $103.90—up $1.15 per barrel (+1.12%) on the day, but down nearly $4 on the week. The Brent benchmark traded at $106.10 per barrel, up $1.45 (+1.39%) on the day, and down roughly $4.50 on the week.

At 1:05 pm ET, WTI was trading at $104.50, while Brent was trading at $106.80 per barrel—both up on the day.

By Julianne Geiger for Oilprice.com

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