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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 Slips Again

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

The total rig count stayed at 771 this week—161 rigs higher than the rig count this time in 2022, and 304 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States fell by 4 this week, to 609. Gas rigs rose by 4, to 160. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin rose by 3, while 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—rose during the week ending January 20. The frac spread count is now 258, up 4 from the previous week. This is 7 fewer crews than a month ago and 1 more than a year ago.

Crude oil production in the United States stayed the same at 12.2 million bpd level in the week ending January 20, according to the latest weekly EIA estimates. U.S. production levels are up 600,000 bpd versus a year ago.

At 12:10 p.m. ET, the WTI benchmark was trading down $0.96 on the day (-1.19%) at $80.04 per barrel.

The Brent benchmark was trading down $0.73 (-0.83%) at $86.74 per barrel on the day, and up about $0.40 per barrel compared to last Friday. 

WTI was trading at $79.56 minutes after the data release, down nearly 1.79% on the day.

By Julianne Geiger for Oilprice.com

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