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, after a 4-rig drop in each of the two weeks prior.
The total rig count rose by six rigs, to 582, according to Baker Hughes, down 37 from this same time last year.
The number of oil rigs rose by 7—down by 20 compared to this time last year. The number of gas rigs fell by 1, reaching 98, a loss of 19 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 5.
The latest EIA data showed that weekly U.S. crude oil production for the week ending January 24 dipped again, this time to 13.240 million bpd—the lowest levels since November 2024, falling from 13.477 million bpd in the week prior. The figure is almost 400,000 bpd shy of 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 that are unfinished also fell for the third week in a row. Finishing crews are now down to 183 during the week of January 24, falling from 188 in the week prior. The frac spread count is now at its lowest level since March 2021.
There was a spike in drilling activity in the Permian Basin, with the basin seeing a 5-rig climb to 303 active rigs—a figure that is still 8 fewer than this same time last year. The count in the Eagle Ford rose by 1 rig for the third week in a row, to 46. Rigs in the Eagle Ford are now 6 below where they were this time last year.
Oil prices were trading down on Friday before the data release. At 12:52 pm. ET, the WTI benchmark was trading down $0.55 per barrel (-0.76%) on the day at $72.18, down nearly $2 per barrel compared to last Friday’s price. The Brent benchmark was trading down $0.12 (-0.16%) on the day at $76.75—down $1.50 per barrel compared to last Friday’s price.
By Julianne Geiger for Oilprice.com
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