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U.S. Rig Count Jumps As Oil Prices Hold Above $70

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose this week, bringing the total rig count to 470 as U.S. drillers boast more than 100 additional rigs this year.

In the week prior, the U.S. oil and gas rig count increased by 5.

The total number of active oil and gas drilling rigs in the U.S. is now 204 more than this time last year.

The oil rig count rose by 8 this week to 373. The number of gas rigs increased by 1 and now sits at 97. The number of miscellaneous rigs stayed the same.

The EIA’s estimate for oil production in the United States for the week ending June 11—the last available data—increased to an average of 11.2 million barrels per day. This is the highest production level that the United States has seen since May of last year.

Canada’s overall rig count increased this week as well, by 24. Oil and gas rigs in Canada now sit at 117 active rigs, up 100 on the year. 

The rig count in the Permian basin increased by 1 this week. At 237 rigs, the Permian’s total rig count is now 105 rigs above what it was this time last year.

The Frac Spread Count provided by Primary Vision shows that fracking crews increased last week to 230, up from 224 in the week prior.  The frac spread count estimates the number of completion crews finishing off previously drilled wells. This frac count is up by nearly 100 so far this year.

At 12:30 p.m. EDT, WTI was trading up $0.91 per barrel on the day at $71.76—up nearly $1 per barrel on the week.

The Brent benchmark was trading up $0.49 per barrel on the day, at $73.57 per barrel.

By Julianne Geiger for Oilprice.com

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