U.S. Oil Rig Count Drops Despite Rising Crude Prices

The number of total active drilling rigs in the United States was unchanged this week, even as WTI trades over $104 per barrel. The total rig count stayed at 663 this week—252 rigs higher than the rig count this time in 2021. Oil rigs fell by 3 rigs to 524, while gas rigs were up by 2 to 137. Miscellaneous rigs rose 1 to 2. While drilling activity has picked up in the United States over the last few months, U.S. production—a corollary to drilling rigs but with months of lag—has not. U.S. weekly production of crude oil stayed the…