The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US to 553 this week, down 39 from this same time last year.
The number of active oil rigs rose by 1 to 412 during the latest reporting period, according to the data. This is 75 below this same time last year. The number of gas rigs also rose by 1, reaching 133, which is 33 more than this time last year. The miscellaneous rig count stayed the same at 8.
The latest EIA data showed that weekly U.S. crude oil production fell this week, by 18,000 bpd in the week ending March 6, to 13.678 million bpd on average, 184,000 bpd under the all-time high.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, rose again during the week ending March 6 by 3 after gaining 7 crews in the week prior.
The number of active drilling rigs in the Permian Basin stayed the same at 241, which is 60 rigs under year-ago levels. The count in the Eagle Ford was also unchanged at 43, which is 5 fewer than this same time last year.
Oil prices continue to see significant volatility as the world’s most critical oil chokepoint, the Strait of Hormuz, remains largely untraversed. Many Gulf oil producers, including Iraq, Kuwait, and Saudi Arabia, are reportedly curtailing oil production as there is just nowhere for the oil to go. Brent futures are trading at more than $100 per barrel for the first time in years, reaching $101.96 per barrel (+1.49). WTI was trading up $1.49 per barrel on the day at $97.22, up more than $7 per barrel week over week.
By Julianne Geiger for Oilprice.com
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