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US Oil Drillers Add To Active Rigs

Sounds like drill baby drill doesn't it?

The number of active rigs did increase by one this period but still 68 below this time last year. All other counts are down compared to last year.

The article with emphasis by TNB

The total number of active drilling rigs for oil and gas in the United States fell by 1 this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US  to 543 this week, down 37 from this same time last year.

The number of active oil rigs rose by 1 during the reporting period, according to the data. Oil rigs are now at 410, which is 68 below this same time last year. The number of gas rigs fell by 2 to 122, which is 24 more than this time last year. The miscellaneous rig count stayed at 11.

The latest EIA data showed that weekly U.S. crude oil production fell by 58,000 bpd in the week ending January 9 to 13.753 million bpd on average, 110,000 bpd under the all-time high.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, rose by 3 during the week ending January 9, to 156. This is 39 under the same time last year.

The number of active drilling rigs in the Permian Basin was unchanged at 244, which is 60 rigs under year-ago levels. The count in the Eagle Ford held steady at 40, which is 4 fewer than this same time last year. The single-rig gain was seen in the Haynesville.

Oil prices were trading higher on the day prior to the data release as geopolitical tensions weighed on a perceived oil oversupply. Brent futures are trading at $64.30 per barrel (+0.85%). WTI was trading up $0.47 per barrel at $59.66.