US Rig Count Falls 43 Y/Y to 550 as Brent Tops $72
Baker Hughes reports US active drilling rig count at 550 this week, down 43 rigs year-over-year, including 407 oil rigs (down 79 Y/Y) and 134 gas rigs (up 32 Y/Y). US crude production fell by 33,000 bpd to 13.702 million bpd while Brent rose 2.46% to $72.49 and WTI climbed to $66.61.
1. Weekly Rig Count Trends
Baker Hughes shows the total US active drilling rig count at 550 rigs this week, down 43 rigs year-over-year. Oil rigs declined to 407 (down 79 Y/Y), while gas rigs increased to 134 (up 32 Y/Y) and miscellaneous rigs remained at 9.
2. Production and Completion Activity
US crude output fell by 33,000 barrels per day to 13.702 million bpd, marking a 160,000 bpd gap from the all-time high. Frac spread count rose by 7 crews in the latest week following an 8-crew increase the prior period.
3. Regional Rig Shifts
Permian Basin saw active rigs increase by one to 240, yet remained 65 rigs below last year. Eagle Ford held steady at 40 rigs, reflecting an 8-rig decrease year-over-year.
4. Oil Price Movements
Brent futures traded at $72.49 per barrel, a 2.46% weekly gain, while WTI rose by $1.40 to $66.61 per barrel, up about $0.46 week over week.