The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday.
The total rig count in the US fell to 547 according to Baker Hughes, down 39 from this same time last year.
The number of active oil rigs fell in the week, according to the data, to 418. Year over year, this represents a 63-rig decline. The number of gas rigs rose by 2 to 120 active rigs, which is 19 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 rose again in the week ending October 3, from 13.505 million bpd to 13.629 million bpd. Average weekly oil production in the United States is now at the highest point this year.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, was unchanged for the week ending October 3 at 179, ending four weeks of gains. The current level is just 17 crews above the four-year low.
The Permian Basin fell by 1 to 250 this week, which is 54 rigs under year-ago levels. The count in the Eagle Ford fell by 1 to 44, which is 5 fewer than this same time last year.
At 12:20 p.m. ET, the WTI benchmark had plunged $2.57 per barrel (-4.18%) on the day at $58.94, a figure that is $2.20 under the level from this time last week on the knee-jerk sentiment over news of the Gaza ceasefire. The Brent benchmark was trading down $2.47 (-3.79%) on Friday at $62.75.
By Julianne Geiger for Oilprice.com
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