U.S. Rig Count Sees Small Increase In Thanksgiving Week

The total number of active rigs in the United States increased by 2 this week, according to new data from Baker Hughes released on Wednesday instead of Friday this week due to the Thanksgiving holiday.

The total number of platforms increased to 784 this week – 215 platforms more than the number of platforms this time in 2021, and 291 platforms less than the number of platforms at the start of 2019 , before the pandemic.

US oil rigs increased by 4 this week to 627. Gas rigs decreased by 2 to 155. Miscellaneous rigs remained the same at 2.

The number of rigs in the Permian Basin increased by 3 this week to 352. Eagle Ford rigs remained the same at 71.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells – a more economical use of finance than drilling new wells – rose in the week ending November 23, also released two days earlier due to holidays. The frac spread count is now 300, up 3 from the previous week and 26 more than the same time last year.

crude oil inventories poured 3.7 million barrels over the week to November 18, according to US Energy Information Administration (EIA) data released on November 23.

This compared to a decrease of 5.4 million barrels for the previous week and an estimated circulation of 4.8 million barrels reported by the American Petroleum Institute for the week to November 18.

Oil prices were down on Thanksgiving Thursday, with Crude Brent trading at $84.34 (-1.25%) as of 9:22 a.m. EST and WTI trading at $77.33 (-0.78%) on the day.

By Julianne Geiger for Oilprice.com

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