Key facts
- The total number of active drilling rigs in the U.S. rose to 563, up one from the previous week.
- Active oil rigs increased by two to 433, while gas rigs decreased by three to 121.
- U.S. crude oil production averaged 13.799 million barrels per day for the week ending June 5.
- The number of active drilling rigs in the Permian Basin fell by one to 256.
- Oil prices declined, with Brent trading at $87.17 per barrel and WTI at $84.32 per barrel.
The total number of active drilling rigs for oil and gas in the United States rose this week, according to data published by Baker Hughes. The U.S. rig count reached 563, an increase of one from the previous week. Active oil rigs climbed by two to 433, marking the second consecutive week of increases, though this figure is six rigs below the same time last year. Conversely, gas rigs fell by three to 121, which is eight more than a year ago. The number of miscellaneous rigs remained unchanged at eight.
Recent data from the EIA indicated that weekly U.S. crude oil production increased, averaging 13.799 million barrels per day for the week ending June 5. This represents an increase from the prior week's average of 13.707 million bpd and is 371,000 bpd higher than a year ago.
However, Primary Vision's Frac Spread Count, which estimates the number of crews completing wells, decreased by two to 190 during the week ending June 5. Activity in the Permian Basin also saw a slight reduction, with the number of active drilling rigs falling by one to 256, which is 17 rigs below year-ago levels. The count in the Eagle Ford remained steady at 44, four more than last year.
Oil prices experienced a decline on Friday. Brent crude was trading at $87.17 per barrel, down 3.55% for the day and representing a $7 per barrel loss week over week. West Texas Intermediate (WTI) also traded lower at $84.32 per barrel, down 3.87%.