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U.S. Drilling Activity Inches Up

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, for an increase of 2.

The total rig count fell by 2 to 619 this week, compared to 753 rigs this same time last year.

The number of oil rigs rose by 5 this week. Oil rigs now stand at 511--down by 80 compared to this time last year. The number of gas rigs fell by 3 this week to 106, a loss of 53 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 2.

Meanwhile, U.S. crude oil production stayed the same for the sixth week in a row at an average of 13.1 million bpd for the week ending April 12-down 200,000 bpd from the all-time high of 13.3 million bpd.

Primary Vision's Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, fell for the fourth week in a row in the week ending April 12. Completions fell by 5 to 252 for the week, which is 31 fewer crews than this time last year.

The Permian saw a 2-rig increase after falling by 1 in the week prior. The count in the Eagle Ford stayed the same this week after falling by one in the week prior.

Oil prices were trading up on Friday morning after the markets processed the most recent developments in the Middle East, with both benchmarks trading less than $0.50 up. At 12:55 p.m. ET, moments before data release, the WTI benchmark was trading up $0.47 (+0.57%) on the day at $83.20, but down roughly $2.70 week over week.

The Brent benchmark was trading up $0.30 (+0.34%) at $87.41, but down roughly $3 per barrel from a week ago.

By Julianne Geiger for Oilprice.com

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Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More