The total number of active drilling rigs for oil and gas in the United States rose slightly this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US rising to 604, up 56 from this same time last year.
The number of active oil rigs rose by 1, to 463 during the latest reporting period, according to the data. This is 49 above this same time last year. The number of gas rigs also rose by 1 to 131, which is just 3 more than this time last year. Miscellaneous rigs slipped by a single rig down to 10.
The latest EIA data showed that weekly U.S. crude oil production hit a new record, rising during the week ending October 30 to 14.003 million bpd, up from 13.992 million bpd last week and up 352,000 bpd from a year ago.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell for the third week in a row during the week ending October 30, losing 3 crews and sinking to 191. This is still up 16 year-over-year.
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The number of active drilling rigs in the Permian Basin rose by 1 during the reporting period, to 273. This is 22 rigs above year-ago levels. The count in the Eagle Ford stayed at 50, which is 8 more than this same time last year.
Oil prices were up on Friday prior to the data release, with Brent now trading at $97.32 (-0.99%) per barrel, and down a staggering $20 per barrel from this time last week. WTI was also trading down on the day at $90.00 (-0.57%), and down roughly $14 per barrel from this time last week.
By Julianne Geiger for Oilprice.com
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