U.S. reached a 2022 high of 769 active drilling rigs in the weekly count from Baker Hughes as of Oct. 14 after gaining 7 in the past week (543 a year ago). Also, Baker Hughes said there were 346 rigs in Permian Basin (up 1 in past week, up 79 in past year), 365 in Texas (up 5 in past week, up 115 in past year) and 109 in New Mexico (down 4 in past week from 2022 high of 113, up 24 in past year). Oil drove the U.S. gain with an additional 8 rigs this week to 610.
Oklahoma is No. 3 among states with 65 rigs (unchanged in past week) followed by Louisiana with 63 (up 1) and North Dakota with 38 (unchanged). Eagle Ford in south Texas is No. 2 among regions with 71 rigs (down 1) followed by Haynesville with 70 (unchanged), Marcellus with 41 (up 1) and Williston with 40 (up 1).
Enverus said Midland’s Endeavor with 14 rigs is the second most active driller in Permian Basin behind Pioneer Natural Resources. Endeavor is averaging 14 rigs this year compared to 10 in 2021 (166 completions in 2021, 191 so far in 2022).
International Energy Agency said last week it now expects global oil demand to contract by 340,000 barrels per day in 2022Q4 compared to 2021Q4.
U.S. Energy Information Administration forecast last week U.S. crude oil production will average 11.7 million b/d in 2022 and 12.4 million b/d in 2023.