Baker Hughes’ counts of active drilling rigs continue to decline as of June 23. U.S. count of 682 is down for the eighth straight week (687 last week, 753 year ago). Permian count is down for the seventh time in the last eight weeks to 341 (342 last week, 349 year ago). There are 345 rigs in Texas (347 last week, 362 year ago) and 106 in New Mexico (104 last week, 111 year ago). U.S. count is down 12.5 percent this year from 779.
Eddy County, N.M., remains the Permian leader with 56 rigs after adding 2 in past week followed by Lea, N.M., with 48 (down 1), Martin with 45 (up 3), Reeves with 37 (up 1), Midland with 34 (down 1) and Loving with 22 (down 4). Others include Ward with 17, Reagan and Upton each with 13, and Andrews with 11.
Eagle Ford is No. 2 among regions with 60 rigs (unchanged) followed by Haynesville with 50 (down 1) and Williston and Marcellus each with 35. Louisiana is No. 3 among states with 47 (down 3) followed by Oklahoma with 42 and North Dakota with 35.
American Petroleum Institute said U.S. petroleum demand (as measured by total domestic petroleum deliveries) rose 65,000 b/d in May from the previous month. But compared to May 2022, petroleum demand fell 1.1 percent (200,000 b/d) – the sixth straight month for a year-to-year decline.