U.S. Oil and Gas Rig Count Rises Slightly Despite Uncertainty
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, following a period of no change in the prior week.
The total rig count in the US rose by 1 to 593 rigs, according to Baker Hughes, down 31 from this same time last year as the oil industry tries with great difficulty to appreciate the pro-hydrocarbon sentiment of the Trump Administration despite it being encouched in oil prices that are not enticing for drillers.
The number of oil rigs slipped by 1 to 486—down by 23 compared to this time last year. The number of gas rigs rose by 2 this week to 102 for a loss of 10 active gas rigs from this time last year. Miscellaneous rigs were unchanged at 5.
The latest EIA data showed that weekly U.S. crude oil production fell for the first time in seven weeks, and is now at 13.573 million bpd. The figure is just 58,000 bpd shy of 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, rose during the week of March 14 to 212, compared to 210 in the week prior, and up from 201 at the beginning of the year.
There was a 1-rig slide in drilling activity in the Permian Basin, falling to 300 in the most proflic basin—a figure that is 15 fewer than this same time last year. The count in the Eagle Ford held steady at 48. Rigs in the Eagle Ford are 7 below where they were this time last year.
Oil prices were trading up on Friday before the data release. At 12:39 p.m., ET, the WTI benchmark was trading up $0.21 per barrel (+0.31%) on the day at $68.28, which is a $1.25 per barrel jump from last Friday’s price. The Brent benchmark was trading up $0.09 (+0.13%) on the day at $72.09—a $1.75 per barrel increase from last Friday.
By Julianne Geiger for Oilprice.com