The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday.
The total rig count in the US fell by 1 rig, landing at 539, according to Baker Hughes, down 49 from this same time last year. The previous rig count, at 538, is the lowest point since December 2021.
The number of oil rigs, however, rose by 1 to 411, although year over year this represents a 74-rig decline. The number of gas rigs fell by 1 this week, coming in at 123 for a gain of 26 active gas rigs from this time last year. The miscellaneous rig count also lost a rig this week, 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 fell in the week ending August 1, from 13.314 million bpd to 13.284 million bpd.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell by 1 during the week of August 1, to 167. It is the fewest number of active frac crews since 2021. The count is now 48 below where it was on March 21.
Drilling activity in the Permian basin continues to fall, with the basin seeing a 3-rig drop this week alone. The Permian now has 256 rigs—a figure that is 48 fewer than this same time last year. The count in the Eagle Ford lost one rig and is now at 38 total, which is 12 fewer than this time last year.
At 12:45 p.m. ET, the WTI benchmark was trading up $0.16 per barrel (+0.25%) on the day at $64.04—a more than $3 per barrel loss from last week’s levels. The Brent benchmark was trading up $0.25 (+0.38%) on the day at $66.68.
By Julianne Geiger for Oilprice.com
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