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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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U.S. Oil Drilling Activity Retreats For Third Week In A Row 

The total number of total active drilling rigs in the United States fell by 4 this week, according to new data from Baker Hughes published on Friday.

The total rig count fell to 749 this week—99 rigs higher than the rig count this time in 2022 and 326 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States decreased by 8 this week, to 592 after decreasing by 7 in the week prior. Gas rigs rose 3 to 154. Miscellaneous rigs rose by 1 to 3.

The rig count in the Permian Basin fell by 4, and rigs in the Eagle Ford stayed the same.

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—stayed the same during the week ending February 24. The frac spread count is still 272. This is 6 fewer than a month ago, and 18 fewer than a year ago.

Crude oil production in the United States saw no change at 12.3 million bpd for the fourth week in a row for the week ending February 24, according to the latest weekly EIA estimates. U.S. production levels are up 700,000 bpd versus a year ago.

At 12:21 p.m. ET, the WTI benchmark was trading up $1.07 on the day (+1.37%) at $79.23, up more than $3 from this time last week.  

The Brent benchmark was trading up $0.74 (+0.87%) at $85.49 per barrel on the day, up roughly $2.50 from this time last Friday.

WTI was trading at $79.50 minutes after the data release, up 1.71% on the day.

By Julianne Geiger for Oilprice.com

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