Trump says Iran war "close to over" amid hopes for more negotiations
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Thursday, bringing the total rig count in the US to 548, down 42 from this same time last year.
The number of active oil rigs rose by 2 to 411 during the latest reporting period, according to the data. This is 70 below this same time last year. The number of gas rigs rose by 3, reaching 130, which is 26 more than this time last year. The miscellaneous rig count stayed the same at 7.
The latest EIA data showed that weekly U.S. crude oil production held steady during week ending March 27. US crude oil production averaged 13.657 million bpd during the reporting period—205,000 bpd under the all-time high.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell during the week ending March 27 by 5 after losing 8 crews in the week prior.
The number of active drilling rigs in the Permian Basin rose by 1, reaching 242, which is 52 rigs under year-ago levels. The count in the Eagle Ford rose by 3, reaching 45, which is 3 fewer than this same time last year.
Oil prices were up sharply on Thursday amid the ongoing conflict in the Middle East, with tanker traffic through the Strait of Hormuz still effectively stalled and Iran threatening “crushing and broader” attacks. Brent crude is currently trading at $108.60 (+7.33%) per barrel, while WTI is holding above $111, topping Brent pricing.