The total number of active oil and gas drilling rigs in the United States saw a modest increase this week, according to data released by Baker Hughes on Friday.
The overall rig count rose by one to reach 586, compared to 622 rigs during the same period last year. The number of oil rigs increased by two to 481, although this figure is down by 20 from a year ago. In contrast, the number of gas rigs decreased by one to 101, marking a decline of 16 active gas rigs compared to last year. The count for miscellaneous rigs remained steady at four.
In related news, U.S. crude oil production rose in the week ending October 4, according to estimates from the Energy Information Administration (EIA). Current weekly oil production in the United States has returned to its record high of 13.4 million barrels per day (bpd).
The Frac Spread Count from Primary Vision, which estimates the number of crews working to complete unfinished wells, fell from 238 to 236 in the week ending October 4.
Drilling activity in the Permian Basin held steady this week at 304 rigs, just seven less than the same time last year. In the Eagle Ford region, the rig count increased by one to 49, which is two fewer than a year ago.
Oil prices fell on Friday. At 12:09 p.m. ET, the West Texas Intermediate (WTI) benchmark was down by $0.49 (-0.65%), trading at $75.36. Despite this drop, it remains nearly $0.50 per barrel higher than last week. The Brent benchmark also decreased by $0.43 (-0.54%) to $78.97, representing a gain of about $0.30 compared to the previous Friday’s price.
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