US Drillers Add Oil Rigs For Second Week In A Row As Prices Soar

Group 1: Drilling Rig Activity - The total number of active drilling rigs in the United States decreased to 552, down by 41 from the same time last year [1] - Active oil rigs increased by 2 to 414, which is 72 less than the previous year, while gas rigs fell by 2 to 131, which is 29 more than last year [2] - The active drilling rigs in the Permian Basin rose by 2 to 243, which is 57 rigs below year-ago levels, while the Eagle Ford count fell by 1 to 42, 6 fewer than last year [3] Group 2: Oil Production and Prices - U.S. crude oil production fell by 10,000 barrels per day (bpd) to an average of 13.668 million bpd, which is 194,000 bpd below the all-time high [2] - Brent crude is trading around $110 per barrel, while WTI is near $97, with Brent carrying a significant geopolitical premium [5] Group 3: Market Conditions and Geopolitical Factors - Oil prices are volatile, with recent pullbacks attributed to policy interventions rather than a genuine loosening of the market [4] - The Strait of Hormuz remains partially operational, with constrained flows and elevated risks, prompting the U.S. and allies to work on reopening shipping lanes and boosting supply [4]