The total number of active drilling rigs for oil and gas in the United States saw no change week, according to new data that Baker Hughes published on Friday, after falling last week.
The total rig count stayed at 585, according to Baker Hughes, down more than 6% from this same time last year.
The number of oil rigs fell by 2 this week to 480—down by 24 compared to this time last year. The number of gas rigs rose by 2 this week to 101, a loss of 16 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4.
Meanwhile, U.S. crude oil production stayed at its highest level ever in the week ending October 18, according to weekly estimates published by the Energy Information Administration (EIA). Current weekly oil production in the United States, according to the EIA, continues to sit at 13.5 million bpd.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, fell in the week ending October 18, from 241 to 238.
Drilling activity in the Permian stayed the same again for the second week in a row this week at 304—a figure that is 9 fewer than this same time last year. The count in the Eagle Ford also stayed the same this week at 49. Rigs in the Eagle Ford are now just 2 below where they were this time last year.
Oil prices were trading up on Friday. At 12:31 p.m. ET, shortly after data release, the WTI benchmark was trading up $1.17 (+1.67%) on the day at $71.36, up roughly $1.40 per barrel from this time last week. The Brent benchmark was trading up $1.24 (+1.67%) on the day at $75.62—more than $2 per barrel up from last Friday’s price.
By Julianne Geiger for Oilprice.com
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