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 548, according to Baker Hughes, down 37 from this same time last year.
The number of active oil stayed the same in the reporting period, according to the data, at 418. Year over year, this represents a 64-rig decline. The number of gas rigs rose by 1 to 121 active rigs, which is 22 over this time last year. The miscellaneous rig count stayed the same at 9.
Despite the sluggish drilling activity for new wells, the latest EIA data showed that weekly U.S. crude oil production continues to rise. In the week ending October 10, crude oil production rose to 13.636 million bpd from 13.629 million bpd. Average weekly oil production in the United States is now at the highest point ever.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, slipped to 175 from 179 in the week prior, which is down 26 this year.
The number of active drilling rigs in the Permian Basin rose by 1 to 251 this week, which is 53 rigs under year-ago levels. The count in the Eagle Ford stayed the same at 44, which is 5 fewer than this same time last year.
By 12:44 p.m. ET, the WTI benchmark had fallen $0.05 per barrel (-0.09%) on the day at $57.41, a figure that is $1.50 under the level from this time last week. The Brent benchmark was trading essentially flat on Friday at $61.06.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
Back to homepage
