The number of total active drilling rigs in the United States fell by 1 this week, according to new data from Baker Hughes published on Friday. It is the second decline in as many weeks.
The total rig count fell to 763 this week—262 rigs higher than the rig count this time in 2021.
Oil rigs in the United States rose by 3 this week to 601. Gas rigs fell by 1, to 160. Miscellaneous rigs dropped 3.
The rig count in the Permian Basin fell by 1 to 346 this week. Rigs in the Eagle Ford stayed the same at 72. Oil and gas rigs in the Permian are 100 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 back to 289 for week ending August 5, compared to 235 a year ago.
Crude oil production in the United States rose 100,000 bpd to an average 12.2 million bpd in the week ending August 5, according to the latest EIA estimates.
At 10:45 a.m. ET, oil prices were trending down on the day as recession fears continue to pervade the market. WTI was trading at $91.87 on the day—down $2.47 per barrel (-2.62%) on the day, but up roughly $2 per barrel on the week. The Brent benchmark traded at $97.55 per barrel, down $2.05 (-2.06%) on the day, but up about $2 per barrel on the week.
At 1:05 pm ET, WTI was trading at $92.28 while Brent was trading at $98.10 per barrel—both down on the day.
By Julianne Geiger for Oilprice.com
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