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U.S. Drilling Activity Slows As Prices Ease

Colorado rig


The number of active oil rigs in the United States has fallen by 3 this week, new data from Baker Hughes published Friday shows.

The total number of rigs this week fell to 764 – 273 rigs higher than the number of rigs this time in 2021.

Oil rigs in the United States fell 7 to 598 this week. Gas rigs rose 4, to 161. Several rigs were stable at 5.

The number of drilling rigs in the Permian Basin fell by 4 this week to 347. The drilling rigs in the Eagle Ford were flat at 72. Oil and gas drilling rigs in the Permian are 104 higher than at this time last year.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells — a more frugal use of finance than drilling new wells — rose to 295 for the week ending July 29, compared to 239 a year ago.

According to the latest EIA data, crude oil production in the United States was flat at 12.1 million barrels per day in the week ending July 29.

At 12:33 a.m. ET, oil prices showed an upward trend despite a positive jobs report, while the overall oil market was still tight, although prices fell this week. WTI traded at $89.63 on the day – up $1.09 a barrel (+1.03%) on the day but down $10 a barrel on the week. The Brent benchmark was trading at $95.27 a barrel, up $1.15 (+1.22%) on the day but down nearly $15 a barrel on the week.

At 1:04 PM ET, WTI was trading at $89.72, while Brent was trading at $95.59 a barrel – both up on the day.

By Julianne Geiger for Oilprice.com

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