The US Rig Count jumps while the Crude Rally continues


The number of active drilling rigs in the US rose by 13 this week, bringing the total rig number to 601 as oil prices stick to bull territory, although the new wave of Covid-19 cases brought by the new variant threatens in reducing demand.

Last week’s count compared to an unchanged rig number of 588 in the previous week.

Baker Hughes reported that the total number of active rigs was 228 rigs higher than the rig number this time in 2021.

Oil-operated rigs increased by 11 to 492, while gas-controlled rigs increased by 2 to 109.

Oil production in the United States last week – the last week of 2021 – fell 100,000 bpd back to 11.7 million bpd, according to the Energy Information Administration. This is an increase from 11 million bpd in early 2021. Despite last week’s setback, US production is still on an upward trend.

The rig number in the Perm basin increased by 1 this week. The number of rigs in the country’s second most productive pool, Eagle Ford, saw an increase of six rigs. Permian’s total rig number is now 293, with 50 in total in Eagle Ford.

Primary Visions Frac Spread Count, which tracks the number of completion crews completing previously drilled wells, shows that completion crews increased by 10 this week to 244 for the week ending January 7, after five weeks of losses. The frac spread has now dropped by 40 over the last five weeks.

At 10:40 EDT, oil prices rose on the day. WTI traded at $ 82.89 – an increase of 0.94% on the day and around $ 3.50 on the week. The Brent benchmark traded at $ 85.28, up 0.96% on the day, and up about $ 3.50 a week.

By Julianne Geiger for Oilprice.com

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