U.S. Drillers Hold The Line
The total number of active drilling rigs for oil and gas in the United States stayed the same this week, according to new data that Baker Hughes published on Friday, after rising in the week prior.
The total rig count remained flat at 589 total rigs, according to Baker Hughes, down 34 from this same time last year.
The number of oil rigs stayed the same at 482—down by 19 compared to this time last year. The number of gas rigs rose by one rig, landing at 103, a loss of 16 active gas rigs from this time last year. Miscellaneous rigs fell by 1.
Meanwhile, U.S. crude oil production rose again to 13.631 million bpd—its highest point ever, the latest Energy Information Administration (EIA) data shows.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, rose in the week ending December 6, from 215 to 220—down 16 from the beginning of the year.
Drilling activity in the Permian stayed the same at 304—a figure that is 6 fewer than this same time last year. The count in the Eagle Ford slipped 2, ending at 46. Rigs in the Eagle Ford are now just 7 below where they were this time last year.
Oil prices were trading up on Friday before the data release. At 12:38 p.m. ET, the WTI benchmark was trading up $1.19 per barrel (+1.70%) on the day at $71.21, up almost $4 per barrel compared to last Friday’s price. The Brent benchmark was trading up $1.01 (+1.38%) on the day at $74.42—up roughly $3.20 per barrel compared to last Friday’s price.
By Julianne Geiger for Oilprice.com