The number of active drilling rigs in the United States rose by 22 this week-the 16th straight weekly increase to the number of oil and gas rigs in the United States, and the largest single-week rise since February 2018.
The total rig count now sits at 635 as the price of a WTI barrel slipped this week from its multi-year highs.
Baker Hughes reported this week that the total active rig figure-oil, gas, and miscellaneous-is 238 rigs higher than the rig count this time in 2021.
Oil-directed rigs rose 19 to 516, while gas-directed rigs were up by 2 to 118. Miscellaneous rigs were also up 1.
U.S. weekly production of crude oil this week increased, breaking its recent downward trend. Crude production for the week ending February 4 rose 100,000 bpd to 11.6 million bpd, according to the Energy Information Administration.
The rig count in the Permian Basin rose by 7 this week, bringing the total rig count in the prolific Permian basin to 301. The nation's second most prolific basin, the Eagle Ford, saw its count rise by 4 to 54.
Primary Vision's Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose for the fifth week in a row by 3 to 264 for week ending February 4. The frac spread count is now up 89 from a year ago.
At 11:38 a.m. EST, oil prices were trending up the day, intent on setting multi-year records. WTI was trading at $91.80-up 2.14% on the day and down $1 per barrel on the week. The Brent benchmark traded at $93.25 per barrel at that time, up 2.01% on the day and down $0.25 per barrel on the week.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More