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U.S. Rig Count Rises To 16-Month High

·2 min read

The number of oil and gas rigs in the United States rose by 9 this week, according to Baker Hughes—after rising by 3 last week.

The total rig count is now 500, up 256 from the same time last year—the highest rig count since April 2020, but still down sharply from the 790 active rigs prior to the pandemic.

The U.S. oil rig count rose by 10 this week to 397, while 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 August 6 rose by 100,000 bpd to an average of 11.3 million barrels per day, which is nearly 2 million barrels per day short of the levels produced prior to the pandemic.

Canada’s overall rig count increased by 8. Active oil and gas rigs in Canada are now at 164, up 110 on the year. 

The rig count in the Permian Basin rose by 2 this week, while rigs in the Eagle Ford rose by 4.  The Permian’s total rig count is now 128 rigs above what it was this time last year, while the Eagle Ford’s rig count is 25 more than it was this time last year, at 36.

The Frac Spread Count provided by Primary Vision shows that fracking crews fell for the second week in a row, to 235 for week ending August 6, down 4 for the week. The frac spread count estimates the number of completion crews finishing off previously drilled wells. This frac count is still up by 100 so far this year.

At 11:03 p.m. EDT, WTI was trading at $68.94 barrel—down $0.15 on the day but up $0.60 per barrel on the week. The Brent benchmark was trading at $71.07 per barrel.

By Julianne Geiger for Oilprice.com

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