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.
The total rig count rose by 2 to 588 this week, compared to 654 rigs this same time last year.
The number of oil rigs rose by 3 this week after holding steady the week prior. Oil rigs now stand at 485—down by 40 compared to this time last year. The number of gas rigs fell by 1 this week to 97, a loss of 26 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 6.
Meanwhile, U.S. crude oil production rose during the week ending August 2, according to weekly data published by the Energy Information Administration (EIA). Current weekly oil production in the United States, according to the EIA, has reached a new all-time high of 13.4 million bpd.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, rose in the week ending August 2, from 237 to 243, on top of last week’s 9-crew gain.
Drilling activity in the Permian rose by 1 this week to 304, a figure that is 23 fewer than this same time last year. The count in the Eagle Ford stayed the same this week, sitting at 50 after staying the same in the week prior. Rigs in the Eagle Ford are now 3 below where they were this time last year.
Oil prices continued to rise on Friday. At 1:00 p.m. ET, the WTI benchmark was trading up $0.86 (+1.13%) on the day at $77.05—a $4 gain week over week. The Brent benchmark was trading up $0.63 (+0.80%) on the day at $79.79.
By Julianne Geiger for Oilprice.com
ADVERTISEMENT
More Top Reads From Oilprice.com
- Is the Era of Explosive U.S. Shale Growth Over?
- U.S. Power Plants Hold the Highest Coal Stock Levels Since 2020
- Woodside Unlikely To Face Rival Bid in Deal for U.S. LNG Firm Tellurian
