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, with the total rig count in the US falling to 601, up 52 from this same time last year.
The number of active oil rigs stayed the same at 463 during the latest reporting period, according to the data. This is 46 above this same time last year. The number of gas rigs fell by 4, which is just 2 more than this time last year. Miscellaneous rigs rose by 1 to 11.
The latest EIA data showed that weekly U.S. crude oil production hit a new record for the third week running, rising during the week ending November 6 to 14.013 million bpd, up from 14.003 million bpd last week and up 151,000 bpd from a year ago.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, rose during the week ending November, gaining 4 crews to reach 195, which is up 22 year-over-year.
The number of active drilling rigs in the Permian Basin rose by 2 during the reporting period, to 275. This is 22 rigs above year-ago levels. The count in the Eagle Ford stayed at 50, which is 9 more than this same time last year.
Oil prices were up on Friday prior to the data release, with Brent now trading at $96.09 (+3.59%) per barrel. WTI was also trading up on the day at $89.00 (+2.85%).
By Julianne Geiger for Oilprice.com
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