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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 587, compared to 623 rigs this same time last year.
The number of oil rigs fell by 4 this week to 484—down by 18 compared to this time last year. The number of gas rigs rose by 3 this week to 99, a loss of 17 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4.
Meanwhile, U.S. crude oil production stayed the same for the week ending September 20, according to weekly estimates published by the Energy Information Administration (EIA). Current weekly oil production in the United States, according to the EIA, sits at 200,000 beneath their all-time high, at 13.2 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 September 20, from 230 to 236. The count is the second build in as many weeks after a string of five consecutive losses.
Drilling activity in the Permian slumped by 1 this week to 306 a figure that is just 6 fewer than this same time last year. The count in the Eagle Ford stayed the same this week at 48 after staying the same in the week prior. Rigs in the Eagle Ford are now 1 below where they were this time last year.
Oil prices were trading up on Friday following an Israeli strike on Hezbollah’s central command in Beruit. At 12:56 p.m. ET, the WTI benchmark was trading up $0.49 (+0.72%) on the day at $68.16, although still a roughly $4 per barrel loss week over week. The Brent benchmark was trading up $0.38 (+0.53%) on the day at $71.98—a nearly $3 per barrel loss compared to last Friday.
