U.S. Oil Drilling Activity Picks Up Amid Rising Crude Prices

The total number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday.

The total rig count rose to 761 this week—126 rigs higher than the rig count this time in 2022 and 314 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States increased by 10 this week, to 609 after falling by 10 in the week prior. Gas rigs fell by 8, to 150. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin fell by 2, while rigs in the Eagle Ford fell by 1.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells—a more frugal use of finances than drilling new wells—fell during the week ending February 3. The frac spread count is now 270, down 8 from the previous week. This is 20 more rews than a month ago and 6 more than a year ago.

Crude oil production in the United States increased 100,000 bpd to 12.3 million bpd in the week ending February 3, according to the latest weekly EIA estimates. U.S. production levels are up 700,000 bpd versus a year ago.

At 12:24 p.m. ET, the WTI benchmark was trading up $1.72 on the day (+2.20%) at $79.78, up $3 per barrel from this time last week.

The Brent benchmark was trading up $1.85 (+2.19%) at $86.35 per barrel on the day, and up nearly $4 per barrel compared to last Friday. 

WTI was trading at $79.38 minutes after the data release, up 1.69% on the day.

Source: https://oilprice.com/