Baker Hughes US rigs rise 4 to 411 as WTI jumps to $92.22
Baker Hughes reported US drilling rigs rose by four to 411 this week, taking total rigs to 551, 41 below year-ago levels while gas rigs slipped two to 132 and oil rigs stood 75 under year-ago. WTI rose $23 to $92.22 and Brent jumped $20 to $94.10 on Middle East disruptions.
1. US Rig Count Increases
The total US active rig count climbed by four this week to 551 rigs, marking a decline of 41 rigs compared to a year ago. Oil rigs gained four to reach 411, while gas rigs fell by two to 132 and miscellaneous rigs remained unchanged at eight.
2. Basin-Level Activity
In the Permian Basin, rig count rose by one to 241, still 63 rigs below year-ago levels. The Eagle Ford added three rigs to reach 43, six fewer than at this time last year.
3. Crude Production and Frac Spread Trends
US crude oil production averaged 13.696 million barrels per day this week, down 6,000 bpd and 166,000 bpd below its all-time high. The national Frac Spread Count, an indicator of well completion crews, added seven crews this week after a seven-crew increase the prior week.
4. Oil Price Surge and Drilling Outlook
WTI futures rose $23 week-over-week to $92.22 per barrel, while Brent climbed $20 to $94.10, driven by disruptions at the Strait of Hormuz and production cuts in Iraq and Kuwait. Historical patterns suggest rig counts typically lag sustained price spikes by several months before rising.