The total rig count in the US slipped to 538, according to Baker Hughes, down 47 from this same time last year. The rig count is still near four-year lows.
The number of oil rigs fell by 1, landing at 411. Year over year, this represents a 72-rig decline. The number of gas rigs stayed the same this week, at 122, for a gain of 25 active gas rigs from this time last year. The miscellaneous rig count stayed the same after gaining one last week. The total number of active miscellaneous rigs is now 5.
The latest EIA data showed that weekly U.S. crude oil production rose in the week ending August 15, from 13.327 million bpd to 13.382 million bpd.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, rose by 4 during the week of August 15, to 167, coming off a four-year low last week. The count is now 48 below where it was on March 21.
Drilling activity in the Permian basin has been on a downward spiral in recent weeks, but this week the count held steady at 255 rigs. That is a 51-rig drop year over year. The count in the Eagle Ford stayed the same also, at 39, which is 8 fewer than this time last year.
At 11:30 a.m. ET, the WTI benchmark was trading up $0.08 per barrel (+0.13%) on the day at $63.60—nearly even with last week’s prices as the market waits for clarity on the Russia/Ukraine ceasefire possibility. The Brent benchmark was trading flat on Friday at $67.67 $1 per barrel above last week’s levels.
Credit: Oilprice.com
