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U.S. Rig Count Rises Despite Chaotic Week In Oil Markets

·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 756 this week—272 rigs higher than the rig count this time in 2021.

Oil rigs in the United States rose by 2 this week to 599. Gas rigs stayed the same for the second week in a row at 153. Miscellaneous rigs added 2 rigs, and now sit at 4.

The rig count in the Permian Basin held stady at 350 this week.  Rigs in the Eagle Ford increased by 1 to 69. Oil and gas rigs in the Permian are 112 above where they were this time last year. Granite Wash added 2 rigs, reaching 5.

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—held steady at 285 for week ending July 8, compared to 238 a year ago.

Crude oil production in the United States slipped to 12 million bpd in the week ending July 8, down 100,000 bpd from the week prior.

At 12:46 p.m. ET, oil prices were trending up on the day, but still down significantly on the week as recession fears outweighed the Russia factor. WTI was trading at $97.82—up $2.04 per barrel (+2.13%) on the day, but down nearly $6 on the week. The Brent benchmark traded at $101.20 per barrel, up $2.07 (+2.09%) on the day, and down roughly $5 on the week.

At 1:08 pm ET, WTI was trading at $98,17, while Brent was trading at $101.50 per barrel—both up on the day.

By Julianne Geiger for Oilprice.com

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