The total number of active drilling rigs for oil and gas in the United States slipped this week, according to new data that Baker Hughes published on Friday, following a 3-rig decrease last week.
The total rig count in the US fell by 6 to 578 rigs, according to Baker Hughes, down 25 from this same time last year.
The number of oil rigs fell by 5 to 474 after falling by 4 during the previous week—and down by 22 compared to this time last year. The number of gas rigs stayed the same this week at 101 for a loss of 2 active gas rig from this time last year. Miscellaneous rigs lost a rig for the second week in a row and now stand at 3.
The latest EIA data showed that weekly U.S. crude oil production fell, from 13.465 million bpd to 13.367 million bpd. The figure is 264,000 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, fell during the week of May 2 to 201, compared to 205 in the week prior—and even with the beginning of the year.
WTI is trading up on the day, but still below what the Dallas Fed Survey says is the breakeven for Permian players, with drilling activity in the basin falling by 2 again this week to 285—a figure that is 29 fewer than this same time last year. The count in the Eagle Ford stayed the same at 46. Rigs in the Eagle Ford are 6 below where they were this time last year.
At 12:46 p.m., ET, the WTI benchmark was trading up $0.78 per barrel (+1.30%) on the day at $60.69, and up $1.40 per barrel from last Friday’s price. The Brent benchmark was trading up $0.79 (+1.26%) on the day at $63.64— up roughly $2.20 per barrel from last Friday.
By Julianne Geiger for Oilprice.com
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