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U.S. Oil Rig Count Jumps As Permian Drillers Add Rigs

·2 min read

The number of oil and gas rigs in the United States rose by 9 this week, according to Baker Hughes—after gaining 6 last week.

The total rig count is now 512, up 257 from this time last year, but lagging behind the 790 active rigs in March 2020.

The U.S. oil rig count rose this week to 411—an 10-rig increase. The number of gas rigs fell by 1. Miscellaneous rigs held at zero.

The EIA’s estimate for oil production in the United States for the week ending September 10 rose slightly by 100,000 bpd to an average of 10.1 million barrels per day. The amount is still 1.4 million bpd below what was produced in the last week of August before Hurricane Ida hit and shut in almost all of the oil production in the Gulf of Mexico.  

Canada’s overall rig count increased by 11. Active oil and gas rigs in Canada are now at 154, up 90 on the year. 

The rig count in the Permian Basin rose by 5 this week, while rigs in the Eagle Ford rose by 2.  The Permian’s total rig count is now 136 rigs above what it was this time last year, while the Eagle Ford’s rig count is 27 more than it was this time last year, at 36.

Primary Vision’s Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose by 4 to 244 for week ending September 10. The frac count is up by more than 110 for the year.

At 10:20 a.m.. EDT, oil prices were trending down on the day, but up on the week. WTI was trading at $71.29—down 1.82% on the day but up $1.70 on the week.  The Brent benchmark was trading at $74.64—down 1.36% on the day, but also up on the week.  

By Julianne Geiger for Oilprice.com

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