Hardwood timber
By Julianne Geiger – Apr 05, 2024, 12:12 PM CDT
The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday, falling by 1. U.S. drillers saw a total loss of rigs this year of 2.
The total rig count fell by 1 to 620 this week, compared to 751 rigs this same time last year.
The number of oil rigs rose by 2 this week after falling by 3 in the week prior. Oil rigs now stand at 508–down by 82 compared to this time last year. The number of gas rigs fell by 2 this week to 110, a loss of 48 active gas rigs from this time last year. Miscellaneous rigs fell by 1 to 2.
Meanwhile, U.S. crude oil production stayed the same again this week at an average of 13.1 million bpd in the week ending March 29, down 200,000 bpd from 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, fell in the week ending March 29. Completions fell by 5 to 260 for the week.
The Permian saw a 1-rig increase after rising by 1 in the week prior. The count in the Eagle Ford also rose by a single rig this week after seeing no change the week prior.
Oil prices were trading up on Friday morning. At 12:49 p.m. ET, the WTI benchmark was trading up $0.86 (+0.99%) on the day at $87.45, up more than $4 per barrel week over week.
The Brent benchmark was trading up $1.09 (+1.20%) at $91.74, up nearly $5 per barrel from a week ago—the highest point since last October.
By Julianne Geiger for Oilprice.com
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