Small gains in US oil rig and frac spread count despite rally in crude

Quantum Commodity Intelligence - The US oil rig and frac spread count saw small gains last week despite the surge in WTI prices, data showed Monday.

The oil rig count gained four to a total of 376 while the gas rig count nudged up one to 99 for the week ending July 2, according to Baker Hughes.

Although the trend is higher, the US oil rig has only gained 35 rigs since the end of April.

The US frac spread count gained 2 to a total of 234, partly reversing the previous week's fall of 3, data from the American Oil and Gas Reporter showed.

The frac spread is a set number of equipment that an oil field service company uses for hydraulic fracturing.

The US frac spread has gained 22 since the end of April.

There were around 300 active frac crews when the Covid pandemic struck in March 2020, analysts noted.

There were around 680 oil rigs in the US at the start of March 2020, and 110 gas rigs.