Baker Hughes reported that the US drilling rig count remained unchanged this week at 589, down from last year. While oil prices rose before the data release, the number of active oil and gas rigs remained stable.
The total number of active drilling rigs for oil and gas in the United States remained unchanged this week, according to new data published by Baker Hughes on Friday, following two weeks of no change. The total rig count held steady at 589, according to Baker Hughes, down 33 from this time last year. The number of oil rigs remained constant at 483, a decrease of 17 compared to last year.
The number of gas rigs also stayed the same, at 102, representing an 18-rig decline from the same period last year. Miscellaneous rigs remained unchanged at 4. New EIA data for weekly U.S. crude oil production for the week ending December 20 was not available at the time of writing. Primary Vision's Frac Spread Count, an estimate of the number of crews completing unfinished wells, decreased again in the week ending December 20, dropping from 217 to 210, a reduction of 26 from the beginning of the year. Drilling activity in the Permian Basin showed no change, hovering at 304 active rigs, a figure 5 fewer than this time last year. The count in the Eagle Ford fell by 1 rig to 45. Rigs in the Eagle Ford are now 8 below their level last year. Oil prices were trading higher on Friday before the data release. At 12:32 p.m. ET, the WTI benchmark was trading up $0.59 per barrel, 0.85% on the day, at $70.21, an increase of nearly $1 per barrel compared to last Friday's price. The Brent benchmark was trading up $0.52, 0.71% on the day, at $73.78, also up roughly $1 per barrel compared to last Friday's price
DRILLING RIGS OIL GAS PERMIAN BASIN
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