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The number of oil and gas rigs in the United States fell by 3 this week, according to Baker Hughes, who reported the total rig count of 488, up 237 from the same period year last, but down sharply from the 790 platforms active before the pandemic.
The number of US oil rigs fell from 2 this week to 385. The number of gas rigs slipped from 1 to land at 103. The number of miscellaneous rigs also remained the same.
The EIA estimate for US oil production for the week ending July 23 fell 200,000 bpd for the week to an average of 11.2 million barrels per day. Production is still nearly 2 million bpd below what it was before the pandemic.
The total number of drilling rigs in Canada increased this week by 4. Oil and gas rigs in Canada now stand at 153 active rigs, up 108 from the year.
Despite the decline in the number of platforms this week, the number of platforms in the Permian Basin has increased by 1. At 243 platforms, the total number of Permian platforms is now 119 platforms higher. to what it was around the same time last year.
The Frack Spread Count provided by Primary Vision shows that Frack Crews increased by 1 for the week ending July 23, up to 243. The Frack Spread Count estimates the number of Completion Teams completing jobs. previously drilled wells. That frac count is up over 111 so far this year.
As of 1:06 p.m. EDT, WTI was trading at $ 74.02 per barrel, up $ 0.40 daily and about $ 2 per barrel weekly. The benchmark Brent was trading at $ 76.36 per barrel, up about $ 2.40 per barrel for the week.
By Julianne Geiger for OilUSD
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