The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, after a 6-rig increase in the week prior.
The total rig count rose by 4 rigs, to 586, according to Baker Hughes, down 37 from this same time last year.
The number of oil rigs rose by 1—down by 19 compared to this time last year. The number of gas rigs rose by 2, reaching 100, a loss of 21 active gas rigs from this time last year. Miscellaneous rigs rose by a single rig to 6.
The latest EIA data showed that weekly U.S. crude oil production for the week ending January 31 rose to 13.478 million bpd. The figure is almost 200,000 bpd shy of the all-time high reached during the week of December 6, 2024.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells broke their losing streak this week, with finishing crews now up to 190 during the week of January 31, compared to 183 in the week prior.
There was no change in drilling activity in the Permian Basin, with 303 active rigs—a figure that is still 10 fewer than this same time last year. The count in the Eagle Ford rose by 2 rigs, to 48. Rigs in the Eagle Ford are now 4 below where they were this time last year.
Oil prices were trading up on Friday before the data release. At 9:16 a.m., ET, the WTI benchmark was trading up $0.38 per barrel (+0.54%) on the day at $70.99, down more than $1per barrel compared to last Friday’s price. The Brent benchmark was trading up $0.37 (+0.50%) on the day at $74.66—down roughly $2 per barrel compared to last Friday’s price.