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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 Recovers After Major Plunge Last Week

The number of oil and gas rigs in the United States rose by 6 this week, according to Baker Hughes—after falling by 11 last week.

The total rig count is now 503, up 249 from the same time last year, but lagging behind the 790 active rigs in March 2020.

The U.S. oil rig count rose this week to 401—a 7-rig increase. The number of gas rigs fell by 1. Miscellaneous rigs held at zero.

The EIA’s estimate for oil production in the United States for the week ending August 27 slumped considerably by 1.5 million bpd to an average of 10 million barrels per day due to the disruptions caused by Hurricane Ida. It is the sharpest single-week decline U.S. production since the EIA began tracking data.  

Canada’s overall rig count decreased by 9. Active oil and gas rigs in Canada are now at 143, up 91 on the year. 

The rig count in the Permian Basin rose by 4 this week, while rigs in the Eagle Ford fell by 1.  The Permian’s total rig count is now 130 rigs above what it was this time last year, while the Eagle Ford’s rig count is 25 more than it was this time last year, at 34.

Primary Vision’s Frac Spread Count,  which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews stayed at 240 for week ending September 3. The frac count is up by more than 100 for the year.

At 1:00 p.m. EDT, oil prices were trending up on the day. WTI was trading at $69.59—up 2.13% on the day but flat on the week.  The Brent benchmark was trading at $72.83—up 1.93% on the day but flat on the week.  

By Julianne Geiger for Oilprice.com


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