The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Friday, following a 10-rig decrease last week, and a 6-rig decrease the week before that.
The total rig count in the US fell by 3 to 563 rigs, according to Baker Hughes, down 37 from this same time last year.
The number of oil rigs fell by 4 to 461 after falling by 8 during the previous week—and down by 35 compared to this time last year. The number of gas rigs rose by 1 this week, to 99 for a loss of 1 active gas rigs from this time last year. The miscellaneous rig count stayed the same at 3.
The latest EIA data showed that weekly U.S. crude oil production rose again this week, from 13.392 million bpd to 13.401 million bpd. The figure is 230,000 bpd down from the all-time high reached during the week of December 6, 2024.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell again during the week of May 23, this time to 186, compared to 193 in the week prior. The count is now 29 below where it was on March 21.
WTI is trading down on the day—a figure that is still below what many Permian players say is their breakeven. Drilling activity in the basin fell by 1, to 278—a figure that is 32 fewer than this same time last year. The count in the Eagle Ford rose by 1, to 43 active rigs. Rigs in the Eagle Ford are 8 below where they were this time last year.
At 12:32 p.m., ET, the WTI benchmark was trading down $0.66 per barrel (-1.08%) on the day at $60.28, down more than $1 per barrel from last Friday’s price. The Brent benchmark was trading down $0.27 (-0.42%) on the day at $63.88— down almost $1 per barrel from last Friday.
By Julianne Geiger for Oilprice.com
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