U.S. Drilling Activity Slows As Prices Ease

The number of total active drilling rigs in the United States fell by 3 this week, according to new data from Baker Hughes published on Friday.

The total rig count fell to 764 this week-273 rigs higher than the rig count this time in 2021.

Oil rigs in the United States fell by 7 this week to 598. Gas rigs rose by 4, to 161. Miscellaneous rigs held steady at 5.

The rig count in the Permian Basin fell by 4 to 347 this week. Rigs in the Eagle Ford stayed the same at 72. Oil and gas rigs in the Permian are 104 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-rose to 295 for week ending July 29, compared to 239 a year ago.

Crude oil production in the United States stayed the same at 12.1 million bpd in the week ending July 29, according to the latest EIA data.

At 12:33 p.m. ET, oil prices were trending up on the day despite a positive jobs report, with the overall oil market still tight, although prices were down on the week. WTI was trading at $89.63 on the day-up $1.09 per barrel (+1.03%) on the day, but down $10 per barrel on the week. The Brent benchmark traded at $95.27 per barrel, up $1.15 (+1.22%) on the day, but down nearly $15 per barrel on the week.

At 1:04 pm ET, WTI was trading at $89.72 while Brent was trading at $95.59 per barrel-both up on the day.

By Julianne Geiger for Oilprice.com

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