The total number of active drilling rigs for oil and gas in the United States slipped again this week, according to new data that Baker Hughes published on Friday, following a 8-rig decrease in the week prior.
The total rig count in the US fell by 2 to 537 rigs, according to Baker Hughes, down 47 from this same time last year.
The number of oil rigs fell by 1 to 424 after falling by 7 during the previous week—and down by 54 compared to this time last year. The number of gas rigs stayed the same this week, to 108 for a gain of 8 active gas rigs from this time last year. The miscellaneous rig count fell by 1 to 5.
The latest EIA data showed that weekly U.S. crude oil production dipped for the second week in a row in the week ending July 4, from 13.433 million bpd to 13.385 million bpd. The figure is 246,000 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 July 4, to 176—the lowest level in over four years. The count is now 39 below where it was on March 21.
Drilling activity in the Permian basin stayed the same at 265—a figure that is 40 fewer than this same time last year. The count in the Eagle Ford was unchanged again at 41 active rigs. Rigs in the Eagle Ford are 7 below where they were this time last year.
At 11:55 a.m., ET, the WTI benchmark was trading up $1.82 per barrel (+2.73%) on the day at $68.39. The Brent benchmark was trading up $1.73 (+2.52%) on the day at $70.37.
By Julianne Geiger for Oilprice.com