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Oil Rig Count Ticks Higher As Gas Rig Count Slips

·2 min read

The number of total active drilling rigs in the United States rose by 4 this week, according to new data from Baker Hughes published on Friday.

The total rig count rose to 763 this week—251 rigs higher than the rig count this time in 2021.

Oil rigs in the United States rose by 8 this week, to 599. Gas rigs slipped 4, to 162. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin increased by 3 to 343 this week. Rigs in the Eagle Ford rose by 1 to 72. Oil and gas rigs in the Permian are 84 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, when the oil and gas rig count was 342.

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 284 for the week ending September 9, compared to 285 a month ago and 244 a year ago.

Crude oil production in the United States remained at 12.1 million bpd for the third week in a row for the week ending September 9,, according to the latest weekly EIA estimates. U.S. production levels are up 400,000 bpd on the year, and up 2 million bpd versus a year ago.

At 12:36 p.m. ET, the WTI benchmark was trading up $0.66 per barrel (0.78%) on the day at $85.76 per barrel, but still down roughly $0.40 per barrel on the week.

The Brent benchmark was trading up at $91.84 per barrel, up $1 (+1.10%) on the day, and perfectly flat compared to this time last Friday.

WTI was trading at $85.13 minutes after the data release.

By Julianne Geiger for Oilprice.com

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