US Oil Rigs Dip For First Time In 9 Weeks

The number of total active drilling rigs in the United States fell by 1 this week, after the 14 rig increase in the week prior, according to new data from Baker Hughes published on Friday.

The total rig count slipped to 727 this week—270 rigs higher than the rig count this time in 2021.

US drillers have added 77 rigs since Russia invaded Ukraine. The invasion triggered financial sanctions on one of the world’s largest oil producers that have disrupted exports.

Oil rigs in the United States fell this week by 2 rigs to 574, while gas rigs rose by 1 to 151. Miscellaneous rigs stayed the same, at 2.

The rig count in the Permian Basin fell by 1 this week, to 342 while rigs in the Eagle Ford rose by 1. Oil and gas rigs in the Permian are now 109 above where they were this time last year.

US crude oil production was stagnate at 11.9 million bPD for the week ending May 20, according to the latest Energy Information Administration—an increase of 300,000 bPD rise since the Russian invasion of Ukraine.

At 8:19 am ET, oil prices were trending down on the day. WTI was trading at $113.30—down $0.78 per barrel (-0.68%) on the day but up nearly $1 per barrel on the week. The Brent benchmark traded at $117.00 per barrel, down $0.35 (-0.30%) on the day but up $5.50 on the week, with Brent reclaiming its price position over WTI.

At 1:07 pm ET, WTI was trading at $114.70, while Brent was trading at $118.90 per barrel—both up on the day.

By Julianne Geiger for

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