US Drilling Rigs Fall to 545, Down 38 Year-Over-Year
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- Baker Hughes reported the total US drilling rig count fell to 545, a decline of 38 rigs compared to the same week a year ago.
- Oil rigs held flat at 411 but remain 61 below year-ago levels, while gas rigs fell by 3 to 127 — still 22 above last year — and the miscellaneous rig count was unchanged at 7.
- EIA data showed US crude oil production averaged 13.596 million bpd for the week ending April 3, running 266,000 bpd below the all-time high.
- Primary Vision's Frac Spread Count, an estimate of well-completion crews, rose by 7 during the week ending April 2 after shedding 13 crews over the prior two weeks.
- The Permian Basin rig count held at 242, 47 rigs below year-ago levels, while the Eagle Ford dropped by 2 to 43, four fewer than last year.
- Brent crude traded at $97.04 and WTI at $98.72 — both up on the day and with WTI topping Brent — though Brent was down more than $10 per barrel versus the prior week.
Why it matters: With US oil production still 266,000 bpd under its all-time high despite a 38-rig year-over-year decline, operators appear to be leaning on completion crews (frac spreads rose 7) rather than new drilling — meaning the rig count's drop doesn't yet signal an output collapse, and flat WTI near $98 shows the market isn't pricing one either.
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