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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 Rig Count Climbs In Lockstep With Crude Prices

  • The U.S. oil rig count rose this week to 445

  • The U.S. gas rig count decreased slightly

The number of oil and gas rigs in the United States rose by 10 this week, according to Baker Hughes, bringing the total number of additions since the start of the summer to 95.

The total rig count is now at 543, up 261 from this time last year, but still under the 790 active rigs as of March 2020.

The U.S. oil rig count rose this week to 445—a 12-rig increase—the largest oil-rig increase since April. The number of gas and miscellaneous rigs each fell by 1.

The EIA’s estimate for oil production in the United States for the week ending October 8 rose 100,000 bpd, to an average of 11.4 million barrels per day—with producers finally restoring production to the levels seen prior to Hurricane Ida.  

Canada’s overall rig count increased by 1. Active oil and gas rigs in Canada are now at 168, up 88 on the year. 

The rig count in the Permian Basin rose by 1 this again week, while the number of rigs in the Eagle Ford rose by 2. The Permian’s total rig count is now 137 rigs above what it was this time last year.

Primary Vision’s Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose by 1 to 263 for week ending October 8. The frac count is up by 130 for the year.

At 11:21 a.m. EDT, oil prices were trending up on the day. WTI was trading at $82.27—up 1.18% on the day and more than $2 on the week. The Brent benchmark was trading at $84.82—up 0.98% on the day and more than $1 per barrel on the week.  

By Julianne Geiger for Oilprice.com


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