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U.S. Oil Rig Count Unchanged As WTI Slumps Below $100

·2 min read

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 rose to 758 this week—267 rigs higher than the rig count this time in 2021.

Oil rigs in the United States were unchanged this week at 599. Gas rigs rose by 2, to 155. Miscellaneous rigs stayed the same at 4.

The rig count in the Permian Basin fell by 1 to 349 this week. Rigs in the Eagle Ford increased by 1 to 70. Oil and gas rigs in the Permian are 107 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—slipped to 279 for week ending July 15, compared to 242 a year ago.

Crude oil production in the United States slipped to 11.9 million bpd in the week ending July 15, down 100,000 bpd from the week prior.

At 10:00 a.m. ET, oil prices were trending up on the day, but still down slightly on the week as recession fears continue to trump the Russia factor. WTI was trading at $96.53—up $0.18 per barrel (+0.19%) on the day, but down just over $1 per barrel on the week. The Brent benchmark traded at $104.50 per barrel, up $0.65 (+0.63%) on the day, and up roughly $3 on the week.

At 1:06 pm ET, WTI was trading at $96.70, while Brent was trading at $104.80 per barrel—both up on the day.

By Julianne Geiger for Oilprice.com

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