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Yahoo
16-05-2025
- Business
- Yahoo
US Oil Drillers Continue To Back Off As Prices Languish Below Breakevens
The total number of active drilling rigs for oil and gas in the United States slipped again this week, according to new data that Baker Hughes published on Friday, following a 6-rig decrease last week. The total rig count in the US fell by 6 to 578 rigs, according to Baker Hughes, down 25 from this same time last year. The number of oil rigs fell by 1 to 473 after falling by 5 during the previous week—and down by 24 compared to this time last year. The number of gas rigs also slipped by 1 this week, to 100 for a loss of 3 active gas rigs from this time last year. The miscellaneous rig count stayed the same at 3. The latest EIA data showed that weekly U.S. crude oil production rose, from 13.367 million bpd to 13.387 million bpd. The figure is 244,000 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, fell again during the week of May 9, this time to 195, compared to 201 in the week prior. WTI is trading up on the day, but still below what the Dallas Fed Survey says is the breakeven for Permian players, with drilling activity in the basin falling by 3 this week to 282—a figure that is 30 fewer than this same time last year. The count in the Eagle Ford stayed the same again this week, at 46. Rigs in the Eagle Ford are 5 below where they were this time last year. At 12:29 p.m., ET, the WTI benchmark was trading up $0.93 per barrel (+1.51%) on the day at $62.55, and up $2 per barrel from last Friday's price. The Brent benchmark was trading up $0.90 (+1.39%) on the day at $65.43— up roughly $2 per barrel from last Friday. By Julianne Geiger for More Top Reads From this article on
Yahoo
11-04-2025
- Business
- Yahoo
Oil Rig Count Slides Amid Oil Price Turbulence
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, following a 2 rig dip in the prior week. The total rig count in the US fell by 7 to 583 rigs, according to Baker Hughes, down 34 from this same time last year. The number of oil rigs fell by 9 to 480—down by 26 compared to this time last year. The number of gas rigs rose by 1 this week to 97 for a loss of 12 active gas rigs from this time last year. Miscellaneous rigs were rose by 1 to 6 active rigs. The latest EIA data showed that weekly U.S. crude oil production fell slightly, rising from 13.580 million bpd to 13.458 million bpd. The figure is 173,000 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, fell during the week of April 4 to 205, compared to 209 in the week prior—still up slightly from 201 at the beginning of the year. WTI is still trading nearly $5 below what the Dallas Fed Survey says is the breakeven for Permian players, with drilling activity in the basin sliding by another 5 rigs after falling by 3 last week, landing at 289 in the country's most proflic basin—a figure that is 27 fewer than this same time last year. The count in the Eagle Ford fell by 1 to 47. Rigs in the Eagle Ford are 8 below where they were this time last year. With tariffs stacked upon tariffs and OPEC+'s plan to ramp up oil production beginning in May at a rate that is significantly more than anticipated, oil prices have traded sharply down for more than a week. At 12:35 p.m., ET, the WTI benchmark was trading up $0.61 per barrel (+0.97%) on the day at $60.54, which is more than $1 per barrel below last Friday's price. The Brent benchmark was trading up $0.60 (+0.95%) on the day at $63.93—a $1.50 per barrel decrease from last Friday. By Julianne Geiger for More Top Reads From this article on
