US Rig Count Drops to 543 as Oil Prices Surge Above $98
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- Baker Hughes reported total active drilling rigs in the United States fell to 543, a drop of 49 from the same week a year ago, with oil rigs at 409, gas rigs at 127, and miscellaneous rigs unchanged at 7.
- EIA data showed U.S. crude oil production averaged 13.657 million barrels per day for the week ending March 20, marking the fifth consecutive weekly decline and a dip of 11,000 bpd from the prior week, still 205,000 bpd below the all‑time high.
- Primary Vision’s Frac Spread Count, which estimates crews completing wells, fell by eight crews for the week ending March 20 after a prior gain of two crews.
- Permian Basin rig count slipped by two to 241, leaving the region 56 rigs below the level a year earlier.
- Eagle Ford rig count held steady at 42, though that is six fewer than the same period last year.
- Brent crude traded at $111.80 per barrel, up 3.39%, as Middle East tensions keep tanker traffic through the Strait of Hormuz stalled.
- WTI stayed above $98 per barrel, prompting analysts to warn that $200 oil could materialize if disruptions in the Strait of Hormuz persist.
Why it matters: The rig count decline signals a slowdown in drilling activity, while higher oil prices—Brent $111.80 and WTI above $98—lift producer revenues but raise costs for consumers, especially if continued Strait of Hormuz disruptions push prices toward $200, tightening margins for refiners and increasing import bills for buyers.
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