By Julianne Geiger – 12/02/2022 12:13 PM CST
The number of total active rigs in the United States remained flat this week, according to new data from Baker Hughes released on Friday.
Total rig count this week remained at 784 – 215 rig counts, higher than rig count this time in 2021 and 291 rig counts lower than rig count at the start of 2019 pre-pandemic.
Oil rigs in the United States were steady at 627 this week while gas rigs stayed at 155. Various rigs stayed the same at 2.
The number of oil rigs in the Permian Basin fell by 2 to 350 this week. The rigs in the Eagle Ford stayed the same at 71.
Primary Vision’s frac spread count, an estimate of the number of crews completing uncompleted wells – a more economical use of finance than drilling new wells – increased for the week ended November 23. The frac spread count is now 300, up 3 from the previous week. That’s 3 more crews than a month ago and 26 more than at this time last year.
Crude oil production in the United States remained flat for the fourth consecutive week in the week ended November 25. At 12.1 million barrels per day, according to the latest EIA weekly estimate, US production so far this year is up 400,000 barrels and 500,000 bpd from a year ago.
As of 11:50 am ET on the day, the WTI benchmark was trading up $0.10 (+0.12%) at $81.32 a barrel – up more than $2 a barrel since this time last week.
The Brent benchmark was up $0.16 (-0.18%) on the day at $86.72 a barrel, down from around $0.40 a barrel from last Friday.
WTI was trading at $80.46 minutes after the data release, down almost 1% on the day.
By Julianne Geiger for Oilprice.com
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