The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday.
The total rig count in the US rose this week to 550, according to Baker Hughes, down 35 from this same time last year.
The number of active oil rose by 2 in the reporting period, according to the data, reaching 420. Year over year, this represents a 60-rig decline. The number of gas rigs stayed the same at 121, which is 20 over this time last year. The miscellaneous rig count stayed the same at 9.
The latest EIA data showed that weekly U.S. crude oil production dipped for the first time in five weeks. In the week ending October 17, crude oil production slipped to 13.629 million bpd from 13.636 million bpd in the week prior, a record high.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, staed at 175 for the second week in a row, a figure that is down 26 from the start of the year.
The number of active drilling rigs in the Permian Basin fell by 1 to 250 this week, which is 54 rigs under year-ago levels. The count in the Eagle Ford also fell by 1 this week, sinking to 43, which is 6 fewer than this same time last year.
By 12:50 p.m. ET, the WTI benchmark had gained $0.23 per barrel (+0.37%) on the day at $62.02, a figure that is $4.60 above the level from this time last week. The Brent benchmark was trading up on Friday at $66.43.
By Julianne Geiger for Oilprice.com
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