Oil rig count falls as oil prices post biggest weekly gain since 2022

The total number of active oil and gas rigs in the United States fell this week, according to new data released Friday by Baker Hughes.

The total number of rigs fell by 2 this week to 585 compared to 619 rigs in the same period last year.

The oil rig count fell by 5 this week to 479, down 18 from this time last year. The gas rig count rose by 3 this week to 102, a loss of 16 active gas rigs from this time last year. The various platforms remained the same in 4.

Meanwhile, U.S. crude oil production rose in the week ended Sept. 27, according to weekly estimates released by the Energy Information Administration (EIA). Current weekly US oil production, according to the EIA, is 100,000 below their all-time high of 13.3 million bpd.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells, rose in the week ended Sept. 27 from 236 to 238, pretty much on par with the number earlier this year.

Drilling activity in the Permian fell by 2 this week to 304 – a figure that is just 5 less than the same period last year. The number in the Eagle Ford was flat this week at 48 after being flat the past two weeks. Eagle Ford rigs are now 2 below where they were this time last year.

Oil prices traded lower on Friday amid fears of Israeli retaliation for the ballistic missile attack on Iran earlier this week. At 12:48 pm ET, benchmark WTI was trading up $1.19 (+1.61%) on the day at $74.90, a gain of about $6.50 a barrel since this time last week . Benchmark Brent traded up $1.06 (+1.37%) on the day at $78.63, up nearly $7 a barrel from last Friday’s price.

By Julianne Geiger for Oilprice.com

More top reads from Oilprice.com