Permian Rig Count Inches Higher As WTI Recoups Some Losses
Permian Rig Count Inches Higher As WTI Recoups Some Losses | OilPrice.com
The total number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published Friday, after rising by 5 last week.
The total rig count rose to 755 this week—57 rigs higher than the rig count this time in 2022—still 320 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.
Oil rigs in the United States stayed the same this week, at 591. Gas rigs rose by 2 for the second week in a row, to 161. Miscellaneous rigs also stayed the same.
The rig count in the Permian Basin rose by 3, while the rig count in the Eagle Ford slipped by 1.
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 by 7 for the week ending April 21, to 290. This is the same level as a month ago, and 19 more than a year ago.
Crude oil production in the United States fell by 100,000 bpd for the week ending April 21 to 12.2 million bpd, according to the latest weekly EIA estimates. U.S. production levels are up 300,000 bpd versus a year ago.
At 12:41 p.m. ET, the WTI benchmark was trading up $1.98 (+2.65%) on the day at $76.74, but still down roughly $1.30 per barrel from this time last week.
The Brent benchmark was trading up $1.18 (+1.51%) at $79.55 per barrel on the day, but down roughly $2.30 per barrel from last Friday.
WTI was trading at $76.50 minutes after the data release, up 2.33% on the day.
By Julianne Geiger for Oilprice.com
ADVERTISEMENT
More Top Reads From Oilprice.com:
The Permian Will Lead U.S. Oil Deal-Making
OPEC Bites Back At IEA Over Production Cut Warning
The Brent Oil Benchmark Is About To Change Forever
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.