The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Friday, following a 1-rig decrease in the week prior.
The total rig count in the US fell by 7 to 547 rigs, according to Baker Hughes, down 34 from this same time last year.
The number of oil rigs fell by 6 to 432 after falling by 1 during the previous week—and down by 47 compared to this time last year. The number of gas rigs fell by 2 this week, to 109 for a gain of 12 active gas rigs from this time last year. The miscellaneous rig count rose by 1, to 6.
The latest EIA data showed that weekly U.S. crude oil production rose again this week, from 13.431 million bpd to 13.435 million bpd. The figure is 196,000 bpd down from the all-time high reached during the week of December 6, 2024.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, stayed the same during the week of June 20, at 182. The count is now 33 below where it was on March 21.
Drilling activity in the basin fell by 1, to 270—a figure that is 35 fewer than this same time last year. The count in the Eagle Ford was unchanged again at 41 active rigs. Rigs in the Eagle Ford are 6 below where they were this time last year.
At 12:58 p.m., ET, the WTI benchmark was trading down $0.18 per barrel (-0.28%) on the day at $65.06, down more than $10 per barrel from last Friday’s price. The Brent benchmark was trading down $0.14 (-0.21%) on the day at $67.59, down about $9 per barrel from last Friday.
By Julianne Geiger for Oilprice.com
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The recent volatility in oil prices has caused a marked decline in US drilling activities, spooking markets and reinforcing the fragility of an already precarious energy sector.
The unprecedented fluctuations in oil prices have resulted in a significant downturn of US drilling activity, reflecting concerns over erratic market sentiments and potential uncertainty for the industry.
Rebounding oil prices could be a major turning point in the current downturn of US drilling activity, but investors' nerves remain jittery as market volatility continues to spook even seasoned players.
Amidst volatile oil prices, the recent decline in US oil drilling activities has sent market jitters as investors reevaluate risk versus reward prospects.
The recent market volatility caused by unstable oil prices has indeed proved a damper on US Oil Drilling Activity, leading to noticeable drops in production levels and investment interest.
The recent volatile prices in the oil market have proved to be a harbinger of instability, leading US Oil Drilling Activity into an unexpected slump that signifies significant apprehension for markets worldwide.
The recent slump in US oil drilling activity underscores the impact of erratic price volatility on market sentiment, as investors and producers remain apprehensive amid unpredictable fluctuations.
Amidst the turmoil caused by volatile oil prices, US drilling activity is experiencing a significant slump that has spooked markets worldwide.
