The total number of active drilling rigs for oil and gas in the United States stayed the same this week, according to new data that Baker Hughes published on Friday.
The total rig count in the US stayed at 539, 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, however, rose by 1 for the second week in a row to 412, although year over year this represents a 71-rig decline. The number of gas rigs fell by 1 this week, coming in at 122 for a gain of 24 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 8, from 13.284 million bpd to 13.327 million bpd.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell by 4 during the week of August 8, to 163. It is the fewest number of active frac crews in four years. The count is now 52 below where it was on March 21.
Drilling activity in the Permian basin continues to fall, with the basin seeing a 1-rig drop this week. The Permian now has 255 rigs—a figure that is 48 fewer than this same time last year. The count in the Eagle Ford gained one rig and is now at 39 total, and is 9 fewer than this time last year.
At 12:43 p.m. ET, the WTI benchmark was trading down $0.41 per barrel (-0.64%) on the day at $63.55—a $0.50 per barrel loss from last week’s levels as the market digests the possibility of a ceasefire between Russia and Ukraine. The Brent benchmark was trading down $0.36 (-0.54%) on the day at $66.48, just 0.20 shy of last week’s level.
By Julianne Geiger for Oilprice.com
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