By Julianne Geiger – Feb 02, 2024, 12:18 PM CST
The overall variety of active drilling rigs for oil and gas in the United States fell today, according to brand-new information that Baker Hughes released on Friday.
The overall rig count fell by 2 to 619 today, compared to 759 rigs this very same time in 2015.
The variety of oil well remained the exact same today after increasing by 2 recently, remaining at 499– down by 100 compared to this time in 2015. The variety of gas rigs fell by 2 today to 117, a loss of 41 active gas rigs from this time in 2015. Various rigs remained at 3.
U.S. unrefined oil production increased by 700,000 bpd to typical 13.0 million bpd in the week ending January 26. The big production boost, nevertheless, just followed a 1 million bpd fall in the week prior as a cold wave took production offline. Production rates in the U.S. are still down by 200,000 bpd given that the start of the year.
Main Vision’s Frac Spread Count, a price quote of the variety of teams finishing wells that are incomplete, increased in the week ending January 26. Conclusions increased by 7 to 242 for the week.
The Permian saw 1 rig included after increasing by 3 the week previously. The count in the Eagle Ford moved by 2 rigs after falling by 1 rig in the week prior.
Oil rates were trading down on Friday early morning. At 12:49 p.m. ET, the WTI standard was trading down $1.49 (-2.02%) on the day at $72.33, regardless of depressed production in the United States– a more than $4 decrease week over week as reports spread out that Hamas and Israel had actually consented to a ceasefire proposition.
The Brent benchmark was trading down $1.39 (-1.77%) at $77.31, a decline of well over $4 per barrel from a week back.
By Julianne Geiger for Oilprice.com
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