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U.S. Rig Count Rises Along With Crude Prices

The number of active drilling rigs in the United States rose by 6 this week, bringing the total rig count to 610, as oil prices continue to climb to attractive levels for drillers.

Last week's count compared with an increased rig count if 3 to 604 during the previous week.

Baker Hughes reported this week that the total active rig figure was 226 rigs higher than the rig count this time in 2021.

Oil-directed rigs rose 4 to 495, while gas-directed rigs were up by 2 to 115.

Oil production in the U.S. last week fell to 11.6 million bpd for week ending January 21, according to the Energy Information Administration. This is down 100,000 bpd from the week prior, but up from 11 million bpd at the beginning of 2021.

The rig count in the Permian Basin rose by 1 this week, with the EIA calling for record production from the Permian basin in February, topping 5 million barrels per day. The number of rigs in the nation's second most prolific basin, the Eagle Ford, saw no change. The Permian's total rig count is now 293, with 50 total in the Eagle Ford.

Primary Vision's Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose by 3 to 257 for week ending January 21. The frac spread is now up roughly 100 from a year ago.

At 12:37 p.m. EST, oil prices were trending up the day, but slightly below prices from earlier in the week that saw Brent nearly hit $91. WTI was trading at $87.46—up 0.98% on the day, but still up roughly $2.50 on the week. The Brent benchmark traded at $90.70, up 1.52% on the day.

By Julianne Geiger for Oilprice.com

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Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More