The number of oil and gas rigs in the United States fell by 3 this week, according to Baker Hughes, which reported the total rig count as 488, up 237 from the same time last year, but down sharply from the 790 active rigs prior to the pandemic.
The U.S. oil rig count fell 2 this week to 385. The number of gas rigs slipped 1 to land at 103. The number of miscellaneous rigs also stayed the same.
The EIA’s estimate for oil production in the United States for the week ending July 23 slipped by 200,000 bpd for the week to an average of 11.2 million barrels per day. Production is still nearly 2 million bpd shy of where it was before the pandemic.
Canada’s overall rig count rose this week by 4. Oil and gas rigs in Canada now sit at 153 active rigs, up 108 on the year.
Despite the dropoff in the number of rigs this week, the rig count in the Permian basin rose by 1. At 243 rigs, the Permian’s total rig count is now 119 rigs above what it was this time last year.
The Frac Spread Count provided by Primary Vision shows that fracking crews rose by 1 for the week ending July 23, up to 243. The frac spread count estimates the number of completion crews finishing off previously drilled wells. This frac count is up by more than 111 so far this year.
At 1:06 p.m. EDT, WTI was trading at $74.02 barrel—up $.40 on the day and roughly $2 per barrel on the week. The Brent benchmark was trading at $76.36 per barrel, up roughly $2.40 per barrel on the week.
By Julianne Geiger for Oilprice.com
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