New drilling stops in US oil patch

The total number of active rigs in the United States remained the same this week, after one rig fell the previous week, according to new data from Baker Hughes released on Friday.

The total rig count remained at 727 this week, which is 271 rigs more than the rig count this time in 2021.

Oil rigs in the United States remained the same this week at 574. Gas rigs also remained the same at 151. Miscellaneous rigs remained the same at 2.

The number of rigs in the Permian Basin also saw no change this week, remaining at 342. The Eagle Ford also saw no change, remaining at 66. Oil and gas rigs in the Permian are 110 above what they were at this time last year.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing uncompleted wells, fell to 283 to 727 in the week ending May 27, from 288 the previous week.

U.S. crude oil production was flat at 11.9 million bpd for the week ending May 27, according to the latest Energy Information Administration, an increase of 300,000 bpd since the Russian invasion of Ukraine.

As of 11:06 a.m. ET, oil prices were trending higher that day. WTI was trading at $118.70, up $1.86 a barrel (+1.59%) on the day and more than $5 a barrel on the week. Benchmark Brent was trading at $119.30 a barrel, up $1.72 (+1.46%) on the day and $2 on the week, with Brent barely clinging to its advantage over WTI.

As of 1:04 p.m. ET, WTI was trading at $118.90, while Brent was trading at $119.70 a barrel, both up on the day.

By Julianne Geiger for Oilprice.com

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