The total U.S. rig count for oil and gas climbed to 591 this week, up 52 from the same period last year. Crude production rose from the prior week while the Frac Spread Count fell for a fourth straight week. Brent held above $105 a barrel on Friday despite a daily drop.
The total number of active drilling rigs for oil and gas in the United States rose this week, according to data Baker Hughes published on Friday, with the count reaching 591 rigs, 52 above this same time last year.
Oil and gas rigs climb across basins
Active oil rigs rose by one to reach 450, which is 34 above year-ago levels. Gas rigs increased by two to 132, 14 more than a year earlier, while miscellaneous rigs stayed flat at nine.
The Permian Basin held steady during the reporting period at 268 active rigs, 14 above year-ago levels. The Eagle Ford count rose by one to 51 rigs, nine more than this same time last year.
Crude output rises as frac spreads fall
Weekly U.S. crude oil production also climbed. EIA data for the week ending September 4 showed output averaging 13.947 million bpd, up from 13.862 million bpd the prior week and 452,000 bpd higher than a year ago.
Yet completion activity is slowing. Primary Vision's Frac Spread Count, which estimates the number of crews completing wells, fell for the fourth week in a row to 178 crews during the same week, the lowest point since May.
Prices moved lower ahead of Friday's rig data. Brent was trading at $105.07 per barrel, down 2.38% on the day but $10 more than a week earlier. WTI was also down on the day, at $99.60, a 2.81% decline.
Source: Oilprice.com
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