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Another disappointing week for US oil rigs




By Julianne Geiger – Sep 30, 2022, 12:20 p.m. CDT

The total number of active rigs in the United States rose by 1 this week, according to new data from Baker Hughes released on Friday.

The total number of platforms increased to 765 this week, which is 237 more platforms than the number of platforms this time in 2021.

U.S. oil rigs increased by 2 this week, to 604. Gas rigs slid by 1, to 159. Miscellaneous rigs remained the same at 2.

The number of rigs in the Permian Basin remained the same at 344 this week. Eagle Ford rigs also remained the same, at 72. Permian oil and gas rigs are 81 above what they were at this time last year. Although up year-over-year, active drilling in the Permian has remained near current levels since mid-May.

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 – rose 1 to 288 for the week ending September 23, from 287 a month ago and 257 a year ago.

U.S. crude oil production fell to 12.0 million bpd for the week ending September 23, according to the latest weekly EIA estimates. U.S. production levels are up 300,000 bpd year-to-date and 1.4 million bpd from a year ago.

As of 12:27 p.m. ET, the WTI benchmark was trading down $0.55 a barrel (-0.68%) on the day at $80.68 a barrel, essentially flat on the week.

Benchmark Brent was trading at $88.20 a barrel, down $0.28 (-0.33%) on the day, and up 0.20 a barrel from this time on Friday. last.

WTI was trading at $80.05 minutes after the data was released.

By Julianne Geiger for

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