The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday.
The total rig count fell by 1 to 585 this week, compared to 632 rigs this same time last year.
The number of oil rigs stayed the same this week after falling by 2 in the week prior. Oil rigs now stand at 483—down by 29 compared to this time last year. The number of gas rigs fell by 1 this week to 97, a loss of 18 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 5.
Meanwhile, U.S. crude oil production rose 100,000 bpd during the week ending August 16, according to weekly estimates published by the Energy Information Administration (EIA). Current weekly oil production in the United States, according to the EIA, rose 100,000 bpd, back to the previous record high of 13.4 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 August 16, from 240 to 234, adding onto last week’s loss.
Drilling activity in the Permian rose by 3 this week to 306, a figure that is 14 fewer than this same time last year. The count in the Eagle Ford fell by 1 this week, sitting at 47 after falling by 2 in the week prior. Rigs in the Eagle Ford are now 5 below where they were this time last year.
Oil prices rose on Friday. At 12:58 p.m. ET, the WTI benchmark was trading up $1.79 (+2.45%) on the day at $74.80—a $2 loss week over week despite today’s surge. The Brent benchmark was trading up $1.74 (+2.25%) on the day at $78.96—a $1 loss week over week.
By Julianne Geiger for Oilprice.com
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