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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. Rig Count Slides Amid Jump In Crude Prices

The number of total active drilling rigs in the United States fell by 3 this week, according to new data from Baker Hughes published on Friday.

The total rig count fell to 762 this week—229 rigs higher than the rig count this time in 2021.

Oil rigs in the United States decreased by 2 this week, to 602. Gas rigs slipped 1, to 158. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin rose by 1 to 345 this week. Rigs in the Eagle Ford stayed the same, at 72. Oil and gas rigs in the Permian are 79 above where they were this time last year. While up year over year, active drilling in the Permian has remained near the current level since mid-May.

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 by 2 to 290 for the week ending September 30, compared to 282 a month ago and 262 a year ago.

Crude oil production in the United States stayed at 12.0 million bpd for the week ending September 30, according to the latest weekly EIA estimates. U.S. production levels are up 300,000 bpd so far this year and up 1.4 million bpd versus a year ago.

At 12:46 p.m. ET, the WTI benchmark was trading up $4.15 per barrel (+4.69%) on the day at $92.60 per barrel—up $12 per barrel since this time last week after OPEC+ decided earlier this week to cut production quotas by a collective 2 million bpd.

The Brent benchmark was trading up at $98.24 per barrel, up $3.82 (+4.05%) on the day, and up $10 per barrel compared to this time last Friday. 

WTI was trading at $92.35 minutes after the data release.

By Julianne Geiger for Oilprice.com

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