U.S. Oil, Gas Drilling Activity Continues To Drop

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday.

The total rig count fell by 1to 584 this week, compared to 675 rigs this same time last year.

The number of oil rigs fell by 1 this week, after holding steady in the week prior. Oil rigs now stand at 478-down by 59 compared to this time last year. The number of gas rigs also fell by 1 this week to 100, a loss of 33 active gas rigs from this time last year. Miscellaneous rigs gained one to reach 6.

Meanwhile, U.S. crude oil production rose 1 million bpd to 13.3 million bpd for for the week ending July 5. Current weekly oil production in the United States, according to the EIA, is now on par with the all-time high of 13.3 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 July 5, from 237 to 242.

Drilling activity in the Permian stayed the same this week at 305, a figure that is 32 fewer than this same time last year. The count in the Eagle Ford fell by 1 this week, sinking to 48 after rising by 2 rigs in the week prior. Rigs in the Eagle Ford are now 11 below where they were this time last year.

Oil prices were relatively flat on Friday. At 12:34 p.m. ET, the WTI benchmark was trading up $0.03 (+0.04%) on the day at $82.65. The Brent benchmark was trading down $0.02 (-0.02%) on the day at $85.38.

By Julianne Geiger for Oilprice.com

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