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The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, after a 4-rig drop in the week prior.
The total rig count fell by four rigs, to 576, according to Baker Hughes, down 45 from this same time last year.
The number of oil rigs dipped by 6—down by 27 compared to this time last year. The number of gas rigs rose by 1, reaching 99, a loss of 20 active gas rigs from this time last year. Miscellaneous rigs rose by 1, to 5.
The latest EIA data showed that weekly U.S. crude oil production for the week ending January 10 dipped again, this time to 13.477 million bpd, from 13.481 million bpd in the week prior. The figure is roughly 150,000 bpd shy of the all-time high of 13.631 million bpd 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 second week in a row. Finishing crews are now down to 188 during the week of January 17, falling from 195 in the week prior. The frac spread count is now at its lowest level since March 2021.
There was a dropoff in drilling activity in the Permian Basin, falling by 6 rigs to 298 active rigs—a figure that is 12 fewer than this same time last year. The count in the Eagle Ford rose by 1 rig for the second week in a row, to 45. Rigs in the Eagle Ford are now 9 below where they were this time last year.
Oil prices were trading down on Friday before the data release. At 12:46 pm. ET, the WTI benchmark was trading down $0.32 per barrel (-0.43%) on the day at $74.30, down nearly $4 per barrel compared to last Friday’s price. The Brent benchmark was trading down $0.08 (-0.10%) on the day at $78.21—down $3 per barrel compared to last Friday’s price.
By Julianne Geiger for Oilprice.com
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