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US Oil Rigs Surge Amidst Market Volatility
28 Jun
Summary
- Total US oil and gas rigs increased to 573, up 26 from last year.
- Oil rig count rose by 7 to 440, while gas rigs increased by 3 to 125.
- Crude oil production averaged 13.819 million bpd, a slight increase.
The total number of active oil and gas drilling rigs across the United States experienced an increase this week, reaching 573. This figure represents a notable rise of 26 rigs compared to the same period last year.
The count of active oil rigs specifically climbed by 7, totaling 440, which is 8 more than a year ago. The number of active gas rigs also saw an increase, rising by 3 to 125, marking a gain of 16 rigs from the previous year. Miscellaneous rigs remained steady at 8.
Supporting this rise in drilling activity, weekly U.S. crude oil production also edged upwards. Production averaged 13.819 million barrels per day for the week ending June 19, a slight increase from the prior week and 384,000 barrels per day higher than a year ago.
In key operational areas, the Permian Basin saw an increase of 2 active drilling rigs, bringing its total to 258, though this is still 12 rigs below year-ago levels. The Eagle Ford region maintained its count at 44 rigs, which is 3 more than this time last year.
Despite the rise in drilling activity, oil prices experienced a downturn. Brent crude was trading at $71.90 per barrel, down 4.46% on the day and showing a $15 per barrel loss week over week. West Texas Intermediate (WTI) also traded lower at $69.43 per barrel, down 3.82%.
