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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 Ticks Higher Amid Rebound In Oil Prices

Rig

The number of total active drilling rigs in the United States rose by 4 this week, after a sizable increase of 16 rigs in the week prior, according to new data from Baker Hughes published on Thursday.

The total rig count increased to 693 this week—254 rigs higher than the rig count this time in 2021 and the highest count since April 2020. Drilling has picked up substantially since the Russia invasion, adding 43 rigs in the last seven weeks. The seven weeks preceding the invasion, however, saw 62 rigs added.

Oil rigs in the United States rose this week by 2 rigs to 548, while gas rigs rose by 2 to 143. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin rose by 2 this week to 334, and by 3 in the Eagle Ford.

U.S. crude oil production stayed at 11.8 million bpd during the week ending April 08, according to the latest Energy Information Administration.

Primary Vision's Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews slipped to 269 in the week ending April 14, down from 275 in the prior week.

At 12:46 p.m. ET, oil prices were trending up on the day as the EU works on embargoing Russian oil—a monumental feat that would take months to complete, with Covid lockdowns in China and inventory build figures in the United States capping gains. WTI was trading at $107—up $2.70 (+2.59%) on the day and +$10 on the week. The Brent benchmark traded at $111.70 per barrel, up $2.92 (+2.68%) on the day and $10 on the week.

By Julianne Geiger for Oilprice.com

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