The total number of active rigs in the United States has fallen this week, according to new data from Baker Hughes released on Friday.
The total number of platforms fell from 4 to 780 this week – 204 platforms more than the number of platforms this time in 2021, and 295 platforms less than the number of platforms at the start of 2019, before the pandemic.
US oil rigs fell 2 this week to 625. Gas rigs also fell 2 to 153. Miscellaneous rigs remained unchanged at 2.
The number of rigs in the Permian Basin remained the same this week at 350. Rigs in the Eagle Ford increased by 1 to 72.
Primary Vision’s frac spread count, an estimate of the number of crews completing unfinished wells – a more economical use of finance than drilling new wells – fell sharply in the week ending December 2. Frac spread count is now 290, down 10 from the previous one. the week. This is the same number of crews as a month ago and 19 more than at the same time last year.
U.S. crude oil production broke its four-week streak of stagnation in the week to Dec. 2, hitting 12.2 million bpd, according to the latest weekly EIA estimates. US production levels are up 500,000 bpd year-to-date and 500,000 bpd from a year ago.
As of 12:30 p.m. ET, the WTI benchmark was trading up $0.13 on the day (+0.18%) at $71.59 a barrel, but down more than $10 a barrel. since this time last week.
The benchmark Brent was trading up $0.22 (+0.29%) at $76.37 a barrel on the day, and down about $10 a barrel from last Friday.
WTI was trading at $70.89 minutes after the data was released, down almost 1% on the day.
By Julianne Geiger for Oilprice.com
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