Oil & Gas

The number of total active drilling rigs in the United States rose by 7 this week, according to new data from Baker Hughes published on Friday.

The total rig count rose to 740 this week—270 rigs higher than the rig count this time in 2021, but insufficient to ease market fears in the current tight oil market.

Oil rigs in the United States rose by 4 this week to 584. Gas rigs rose by 3 to 154. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin was flat this week at 345. Rigs in the Eagle Ford rose by 1, to 69. Oil and gas rigs in the Permian are 108 above where they were this time last year.

Primary Vision's Frac Spread Count, an estimate of the number of crews completing unfinished wells—a more frugal use of finances than drilling new wells—rose last week after two weeks of declines. The frac spread count is now 283 for week ending June 10, compared to 230 a year ago.

U.S. crude oil production rose to 12 million bpd for the week ending June 10—the highest level since April 2020 when the pandemic took hold, according to the latest Energy Information Administration data.  

At 12:24 p.m. ET, oil prices were trending down on the day. WTI was trading at $111.10—down $6.53 per barrel (-5.55%) on the day, and down roughly $8 per barrel on the week. The Brent benchmark traded at $114.10 per barrel, down $5.68 (-4.74%) on the day, and down roughly $6 on the week.