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, bringing the total rig count in the US to 552 this week, down 41 from this same time last year.
The number of active oil rigs rose by 2 to 414 during the latest reporting period, according to the data. This is 72 below this same time last year. The number of gas rigs fell by 2, sinking to 131, which is 29 more than this time last year. The miscellaneous rig count fell to 7.
The latest EIA data showed that weekly U.S. crude oil production fell this week, by 10,000 bpd in the week ending March 13, to 13.668 million bpd on average, 194,000 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 13 by 2 after gaining 3 crews in the week prior.
The number of active drilling rigs in the Permian Basin rose by 2, reaching 243, which is 57 rigs under year-ago levels. The count in the Eagle Ford fell by 1 reaching 42, which is 6 fewer than this same time last year.
Oil prices remain volatile, but Friday’s pullback reflects policy intervention more than any real loosening of the market. The Strait of Hormuz is still only partially operational, with flows constrained and risks elevated. The U.S. and its allies are now actively working to reopen shipping lanes and boost supply, including potential releases from the Strategic Petroleum Reserve, fast-tracking stranded Iranian cargoes into Asian markets, and sending additional troops to the Middle East. Even so, the physical market remains tight, with damage to regional energy infrastructure likely to take years to fully repair.
Brent crude is currently trading around $110 per barrel, while WTI is holding near $97, with the global benchmark still carrying a significant geopolitical premium.
By Julianne Geiger for Oilprice.com
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