U.S. Rig Count Climbs as Oil Prices Recoup Losses

The number of oil and gas rigs in the United States is up 7 this week, according to Baker Hughes, which pegged the total rig count at 491, up 240 from the same time last year.
The U.S. oil rig count rose by 7 this week to 387. The number of gas rigs stayed the same at 104. The number of miscellaneous rigs also stayed the same.
The EIA’s estimate for oil production in the United States for the week ending July 16 stayed the same at an average of 11.4 million barrels per day. Production is still well below the 13.1 million bpd peak seen in February 2020.
Canada’s overall rig count fell this week by 1. Oil and gas rigs in Canada now sit at 149 active rigs, up 107 on the year.
The rig count in the Permian basin increased by 4 this week. At 242 rigs, the Permian’s total rig count is now 116 rigs above what it was this time last year.
The Frac Spread Count provided by Primary Vision shows that fracking crews rose by 4 for the week ending July 16, up to 242. The frac spread count estimates the number of completion crews finishing off previously drilled wells. This frac count is up by more than 110 so far this year.
At 1:06 p.m. EDT, WTI was trading at $71.97 barrel, while the Brent benchmark was trading at $73.99 per barrel—with both benchmarks essentially flat on the week despite volatile price moves.

About Parvin Faghfouri Azar

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