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 slid to 750 this week—275 rigs higher than the rig count this time in 2021.
Oil rigs in the United States rose by 1 this week to 595. Gas rigs fell by 4 to 153. Miscellaneous rigs stayed the same at 2.
The rig count in the Permian Basin stayed the same this week at 349. Rigs in the Eagle Ford fell by 4, to 68. Oil and gas rigs in the Permian are 112 above where they were this time last year.
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 again last week. The frac spread count is now 289 for week ending June 24, compared to 232 a year ago.
Crude oil production in the United States rose to 12.1 million bpd in the week ending June 24—the highest level since April 2020 when the pandemic took hold.
At 10:37 a.m. ET, oil prices were trending up on the day. WTI was trading at $107.60—up $1.84 per barrel (+1.74%) on the day, but up only $.10 on the week. The Brent benchmark traded at $110.70 per barrel, up $1.63 (+1.50%) on the day, and down roughly $2.30 on the week.
At 1:07 pm ET, WTI was trading at $108.10, while Brent was trading at $111.30 per barrel—both up on the day.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
- Canada May Expand Energy Infrastructure To Help Europe
- Goldman Sachs: Upside Risk In Oil Is “Tremendously High”
- Oil Markets Could Face A Doomsday Scenario This Week