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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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U.S. Rig Count Sees Modest Gain As Oil Dives Below $80

Rig

The number of total active drilling rigs in the United States rose by 3 this week, according to new data from Baker Hughes published on Friday.

The total rig count increased to 782 this week—219 rigs higher than the rig count this time in 2021, and 297 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States rose by 1 this week, to 623. Gas rigs rose by 2 to 157. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin fell by 1 this week to 349. Rigs in the Eagle Ford stayed the same at 71.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells—a more frugal use of finances than drilling new wells—rose in the week ending November 11. The frac spread count is now 295, up 5 from the previous week. This is the same number of crews a month ago and 26 higher than this time last year.

Crude oil production in the United States stayed the same in the week to November 11, at 12.1 million bpd, according to the latest weekly EIA estimates. U.S. production levels are up 400,000 bpd so far this year and 700,000 bpd versus a year ago.

At 12:39 p.m. ET, the WTI benchmark was trading down sharply for the second day in a row, at a loss of $2.59 per barrel (-3.17%) on the day at $79.05 per barrel—down more than a shocking $9 per barrel since this time last week.

The Brent benchmark was trading down $2.65 at $87.13 per barrel (-2.95%) on the day, and down more than $8 per barrel compared to last Friday. 

WTI was trading at $78.82 minutes after the data release.

By Julianne Geiger for Oilprice.com

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