• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 days Does Toyota Know Something That We Don’t?
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
A Signal of Strong Short Term Demand in Oil Markets

A Signal of Strong Short Term Demand in Oil Markets

A significant development this week…

Red Sea Strikes and China's Economic Stimulus Support Oil Prices

Red Sea Strikes and China's Economic Stimulus Support Oil Prices

The Houthi's renewed maritime offensive…

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.

More Info

Premium Content

U.S. Shale Patch Sees Rig Count Decline By 8 This Week

The total number of total active drilling rigs in the United States fell by 8 this week, according to new data from Baker Hughes published Friday, falling by 57 from in the last six weeks.

The total rig count fell to 687 this week—53 rigs below this time last year. The current count is 388 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic.

The number of oil rigs declined by 4 this week to 552. Gas rigs slipped 5, reaching 130. Gas rigs are now 24 below where they were a year ago, while oil rigs are 32 below. Miscellaneous rigs rose by 1.

The rig count in the Permian Basin fell by 4—and are now 3 rigs below this same time last year. The rig count in the Eagle Ford rose by 2, but was down 9 rigs from this time last year.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells (which is cheaper than drilling new wells), rose by 10 in the week ending June 9, to 266. The number of fracking crews for the week measured rose for the first time after five consecutive weekly declines. The frac spread count is 17 less than this time last year.

Despite the trend of decreasing drilling activity, crude oil production levels in the United States were flat in the week ending June 9, at 12.4 million bpd, according to the latest weekly EIA estimates—the highest level since April 2020. U.S. production levels are now up 500,000 bpd versus a year ago.

At 1:30: p.m. ET on Friday, the WTI benchmark was trading up $0.65 (+0.92%) on the day at $71.27.

The Brent benchmark was trading up $0.53 (+0.70%) at $76.20 per barrel on the day.

By Julianne Geiger for Oilprice.com


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on June 16 2023 said:
    It matters not an iota since the US Energy Information Administration (EIA) will still come out with a hyped oil production figure of 12.4 million barrels a day (mbd) for 2023.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News