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 550 this week, down 43 from this same time last year.
The number of active oil rigs fell to 407 during the latest reporting period, according to the data. This is 79 below this same time last year. The number of gas gained one, reaching 134, which is 32 more than this time last year. The miscellaneous rig count stayed the same at 9.
The latest EIA data showed that weekly U.S. crude oil production fell this week, by 33,000 bpd in the week ending February 20, to 13.702 million bpd on average, 160,000 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 February 20 by 7 after gaining 8 crews in the week prior.
The number of active drilling rigs in the Permian Basin rose this week by 1, reaching 240, which is 65 rigs under year-ago levels. The count in the Eagle Ford held steady at 40, which is 8 fewer than this same time last year.
Oil prices were trading higher on the day prior to the data release. Brent futures are trading at $72.49 per barrel (+2.46%), up $1 week over week. WTI was trading up $1.40 per barrel on the day at $66.61, up roughly $0.46 week over week.
By Julianne Geiger for Oilprice.com
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