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 3-rig decrease last week, and a 10-rig decrease the week before that.
The total rig count in the US fell by 4 to 559 rigs, according to Baker Hughes, down 35 from this same time last year.
The number of oil rigs fell by 9 to 442 after falling by 4 during the previous week—and down by 50 compared to this time last year. The number of gas rigs rose by 5 this week, to 114 for a gain of 16 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 13.401 million bpd to 13.408 million bpd. The figure is 223,000 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, rose during the week of May 30 to 190, compared to 186 in the week prior. The count is now 25 below where it was on March 21.
WTI is trading up on the day—but still below what many Permian players say is their breakeven. Drilling activity in the basin fell by 3, to 275—a figure that is 35 fewer than this same time last year. The count in the Eagle Ford also sank by 3, to 40 active rigs. Rigs in the Eagle Ford are 11 below where they were this time last year.
At 11:55 p.m. ET, the WTI benchmark was trading up $1.18 per barrel (+1.86%) on the day at $64.55, up more than $4 per barrel from last Friday’s price. The Brent benchmark was trading up $1.10 (+1.68%) on the day at $66.44— up nearly $3 per barrel from last Friday as US-China trade talks and Canadian wildfires near oil installations boost market sentiment.
By Julianne Geiger for Oilprice.com
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