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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 Still 305 Below Pre-Pandemic Levels

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The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday.

The total rig count increased to 770 this week—220 rigs higher than the rig count this time in 2021, and 305 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States rose by 3 this week, to 613. Gas rigs fell 1 to 155. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin held steady again this week at 346. Rigs in the Eagle Ford also remained unchanged at 70.

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 in week ending October 28—the first decrease in eight weeks. The frac spread count is now 293, down 5 from the previous week. This compares to 290 a month ago and 266 a year ago.

Crude oil production in the United States fell in the week to October 28, to 11.9 million bpd, according to the latest weekly EIA estimates. U.S. production levels are up just 200,000 bpd so far this year and just 400,000 bpd versus a year ago.

At 12:17 p.m. ET, the WTI benchmark was trading up $2.73per barrel (+3.10%) on the day at $90.90 per barrel—up more than $3 per barrel since this time last week.

The Brent benchmark was trading up $2.41 at $97.08 per barrel (+2.55%) on the day, but down roughly $1.25 per barrel compared to last Friday. 

WTI was trading at $92.16 minutes after the data release.

By Julianne Geiger for Oilprice.com

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