The U.S. active drilling rig count for oil and gas increased this week, reaching a total of 558, according to Baker Hughes. Notably, the number of active oil rigs rose by 10 to 425, although this figure remains 30 rigs below last year’s count. In contrast, gas rigs decreased by 3 to 125, though they are still 17 higher than a year ago. The Permian Basin continues to see activity, with a gain of 4 rigs, now totaling 250.

This uptick in drilling activity comes as U.S. crude oil production averaged 13.702 million barrels per day, just shy of record levels. Despite the increase in rigs, oil prices have shown volatility, with Brent trading at $104.40 and WTI at $97.94, both down week-over-week. The ongoing supply disruptions, particularly in the context of geopolitical tensions, are likely to keep prices elevated.

Market professionals should monitor these rig counts closely, as they can signal future production trends and influence oil price dynamics amidst ongoing supply uncertainties.

Source: oilprice.com