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U.S. Rig Count Sees Highest Weekly Gain Since July

The number of total active drilling rigs in the United States rose by 9 this week, according to new data from Baker Hughes published on Friday. It is the largest single-week increase since the end of July.

The total rig count increased to 779 this week—223 rigs higher than the rig count this time in 2021, and 296 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States rose by 9 this week, to 622. Gas rigs stayed the same at 155. Miscellaneous rigs also stayed the same at 2.

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The rig count in the Permian Basin rose by 4 this week to 350. Rigs in the Eagle gained 1 to 71.

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—slipped for the second week in a row for week ending November 4. The frac spread count is now 290, down 3 from the previous week. This compares to 291 a month ago and 266 a year ago.

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Crude oil production in the United States rose in the week to November 4, to 12.1 million bpd, according to the latest weekly EIA estimates. U.S. production levels are up 400,000 bpd so far this year and just 600,000 bpd versus a year ago.

At 12:52 p.m. ET, the WTI benchmark was trading up $1.91 per barrel (+2.21%) on the day at $88.38 per barrel—up more than $2.50 per barrel since this time last week.

The Brent benchmark was trading up $1.76 at $95.43 per barrel (1.88%) on the day, and up roughly $1.50 per barrel compared to last Friday. 

WTI was trading at $88.12 minutes after the data release.

By Julianne Geiger for Oilprice.com

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