Baker Hughes: Drilling Rigs Decrease By 3 This Week

The number of total active drilling rigs in the United States fell 3 this week, according to new data from Baker Hughes published on Friday. The total rig count slipped to 768 this week—224 rigs higher than the rig count this time in 2021.

Oil rigs in the United States fell 2 this week, to 610. Gas rigs fell 1 to 156. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin held steady again this week at 346. Rigs in the Eagle Ford fell 1 to 70. Granite Wash and Williston also saw a decrease of a single rig, while Cana Woodford saw a 2-rig gain. Arkoma Woodford saw a single rig gain.

Crude oil production in the United States was unchanged in the week to October 21, at 12 million bpd, according to the latest weekly EIA estimates. U.S. production levels are up just 300,000 bpd so far this year and up 700,000 bpd versus a year ago.

At 11:30 a.m. ET, WTI benchmark was trading down $1.51 per barrel (-1.70%) on the day at $87.57 er barrel up nearly $3 per barrel since this time last week. At the time of writing WTI is trading at $88.28. Oil prices rebounded this week as reports of falling stockpiles overcame continued worries about a global economic slowdown.