US Rig Count Drops to 543, Oil Rigs Down 63 Year-Over-Year
Baker Hughes data shows US drilling rigs fell to 543 this week, down 42 year-over-year, with oil rigs at 410 and gas rigs at 125. Permian rigs held at 242 while US crude production stayed at 13.596 million bpd, 266,000 bpd below its record high.
1. US Rig Count Declines
The total number of active US oil and gas drilling rigs fell to 543 this week, down 42 from last year, with oil rigs at 410 (63 fewer) and gas rigs at 125 (19 more). The miscellaneous rig count rose by one to eight.
2. Regional Breakdown
Permian Basin rig count remained at 242, 47 fewer than a year ago, while Eagle Ford fell one rig to 42, down five year-over-year.
3. Crude Production Steady
Weekly US crude oil production held at 13.596 million barrels per day, maintaining levels 266,000 bpd below its all-time high.
4. Oil Prices React to Strait Reopening
Brent crude futures plunged 10.46% to $88.99 per barrel after reports the Strait of Hormuz reopened, while WTI traded near $83.24, down over $8 from last week.