The number of active US oil and gas rigs climbed this week as Baker Hughes data showed the total count reaching 593, up 54 from a year ago. Oil rigs rose to 455 while gas rigs jumped to 128, even as crude prices pushed higher on Friday.
Rig count rises across oil and gas
Baker Hughes data published on Friday showed the total US rig count rising to 593, 54 more than the same week last year. Oil rigs rose by one to 455, 43 above year-ago levels. Gas rigs climbed by four to 128, six more than a year earlier. Miscellaneous rigs held steady at 10.
The Permian Basin added two rigs to reach 265, 10 above year-ago levels. The Eagle Ford stayed flat at 49 rigs, still 10 more than the same time last year.
Production and completions data firm up
The latest EIA data showed weekly US crude oil production averaging 13.805 million bpd in the week ending August 7, up from 13.804 million bpd the prior week and up 521,000 bpd from a year ago. Primary Vision's Frac Spread Count, which tracks crews completing wells, rose by two to 196 crews after losing four the week before.
Crude prices hold gains
Brent crude was trading at $87.94 a barrel, up 1%, more than $4 above where it traded a week earlier. WTI also traded higher on the day at $81.81, up 0.69%.
Source: OilPrice.com
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