The total number of active drilling rigs for oil and gas in the United States remained unchanged for the second week in a row this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 603, up 53 from this same time last year.
The number of active oil rigs rose by 1, to 460 during the latest reporting period, according to the data. This is 40 above this same time last year. The number of gas rigs fell by 1 to 132, which is 11 more than this time last year. Miscellaneous rigs stayed the same at 11.
The latest EIA data showed that weekly U.S. crude oil production fell during week ending October 16. US crude oil production averaged 13.269 million bpd during the reporting period, down from 13.679 million bpd last week and down 360,000 bpd from a year ago.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell for the first time in six weeks during the week ending October 16, losing 4 crews and sinking to 199. This is up 24 year over year.
The number of active drilling rigs in the Permian Basin stayed the same during the reporting period, at 272. This is 22 rigs above year-ago levels. The count in the Eagle Ford rose by 2 to 51, which is 8 more than this same time last year.
Oil prices were up on Friday prior to the data release, with Brent now trading at $116.52 (+2.96%) per barrel, and up $11 per barrel from this time last week. WTI was also trading up on the day at $102.88 (+3.43%), although this is up nearly $5 per barrel from this time last week.
