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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 fell by 1 this week to 585, compared to 624 rigs this same time last year.
The number of oil rigs rose by 1 this week to 482—down by 20 compared to this time last year. The number of gas rigs fell by 2 this week to 99, a loss of 19 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4.
Meanwhile, U.S. crude oil production rose to new highs in the week ending October 11, according to weekly estimates published by the Energy Information Administration (EIA). Current weekly oil production in the United States, according to the EIA, hit 13.5 million bpd.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, rose in the week ending October 11, from 236 to 24.
Drilling activity in the Permian stayed the same this week at 304—a figure that is just 7 fewer than this same time last year. The count in the Eagle Ford stayed the rose by 1 this week to 49. Rigs in the Eagle Ford are now 2 below where they were this time last year.
Oil prices were trading down on Friday. At 1:16 p.m. ET, shortly after data release the WTI benchmark was trading down $0.98 (-1.39%) on the day at $69.69, down nearly $6 per barrel from this time last week. The Brent benchmark was trading down $0.94 (-1.26%) on the day at $73.51—about a $5 per barrel loss from last Friday’s price as traders remain concerned about demand.
By Julianne Geiger for Oilprice.com
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