For the first time in 31 weeks, the US oil and gas drilling rig count was less on Friday than the previous Friday, but the rig count for the month of May rose for a record 22 months in a row even.
The US oil and gas rig count declined by one rig to 727 in the week ending May 27 according to energy services firm Baker Hughes Co.
Since Russia invaded Ukraine, the US government has urged drillers to produce more oil and gas to reduce domestic prices and help allies break their dependence on Russian energy.
US crude production is on track to rise from 11.2 million barrels per day (bpd) in 2021 to 11.9 million bpd in 2022 and 12.9 million bpd in 2023 according to federal energy data. In 2019 the record for US crude production was made at 12.3 million bpd. Crude oil prices are up 53% so far this year after a 55% increase in 2021.
Crude was higher last week, mostly on Friday, as the EU negotiates whether to impose an outright ban on Russian crude oil and the peak driving season in the USA arrived with Memorial Day. Ukraine has hinted it will shut down or destroy the pipeline if the EU does not ban importation of Russian crude. Hungary is the lone holdout in the EU against the ban. Russian crude flows into the EU through a pipeline across Ukraine.