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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. Drilling Activity Continues To Slow

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The total number of total active drilling rigs in the United States fell 12 this week, according to new data from Baker Hughes published on Friday.

The total rig count fell to 759 this week—146 rigs higher than the rig count this time in 2022 and 316 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States fell by 10 this week, to 599. Gas rigs fell by 2, to 158. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin fell by 3, while rigs in the Eagle Ford stayed the same.

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 during the week ending January 27. The frac spread count is now 278, up 20 from the previous week. This is 20 fewer crews than a month ago and 17 more than a year ago.

Crude oil production in the United States stayed the same at 12.2 million bpd level in the week ending January 27, according to the latest weekly EIA estimates. U.S. production levels are up 700,000 bpd versus a year ago.

At 12:10 p.m. ET, the WTI benchmark was trading up $0.55 on the day (+0.72%) at $76.43, down $3.50 per barrel from this time last week.

The Brent benchmark was trading up $0.46 (+0.56%) at $82.63 per barrel on the day, and down about $4 per barrel compared to last Friday. 

WTI was trading at $73.88 minutes after the data release, down nearly 2.64% on the day.

By Julianne Geiger for Oilprice.com

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