The U.S. rig count dropped to 588 this week, according to Baker Hughes, with oil and gas rigs both pulling back even as crude prices climbed. Production kept rising despite the fewer active rigs, while the Permian Basin and Eagle Ford added rigs against the national trend.
Baker Hughes recorded a drop in the U.S. rig count to 588 this week, down five from the prior week even as crude oil prices moved higher. Oil rigs led the pullback, falling by three to 452, while gas rigs slipped by one to 127. Miscellaneous rigs fell by one to nine.
Even so, the current count sits 50 rigs above the same week last year, with oil rigs 41 higher and gas rigs five higher than year-ago levels.
Crude production hits a fresh high
U.S. crude output kept climbing despite the pullback in drilling. The Energy Information Administration reported crude production averaging 13.830 million barrels per day in the week ending August 14, up from 13.805 million bpd the previous week and 503,000 bpd higher than a year earlier.
Permian and Eagle Ford buck the trend
Not every basin cut back. The Permian Basin's rig count rose by two to 267, 12 rigs above year-ago levels, while the Eagle Ford added one rig to reach 50, 11 more than the same time last year. Primary Vision's frac spread count, an estimate of crews completing wells, fell by three to 193 crews in the week ending August 14, after gaining two the week before.
Oil prices extend their climb
Brent crude traded at $94.23 a barrel on Friday, up 0.48% and nearly $7 higher than a week earlier. WTI added 0.10% to trade at $86.92 on the same session. Investinglive.com put WTI at $87, up $0.17 on the day and $4.60 for the week, with the price holding just below the 100-day moving average of $88.05.
Sources: OilPrice.com, Investinglive.com (snippet-based)
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