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, bringing the total rig count in the US to 587, up 45 from this same time last year.
The number of active oil rigs fell by 2, reaching 450 during the latest reporting period, according to the data. This is 35 above this same time last year. The number of gas rigs rose by 1 and now stand at 127, which is 5 more than this time last year. Miscellaneous rigs stayed at 10.
The latest EIA data showed that weekly U.S. crude oil production fell slightly during week ending July 17. US crude oil production averaged 13.798 million bpd during the reporting period, down from 13.861 million bpd last week and up 525,000 bpd from a year ago.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell by 4 in the week ending July 17, to 196 crews, after losing 5 in the week prior.
The number of active drilling rigs in the Permian Basin fell by 1 in the reporting period, sinking to 258. This is 2 rigs under year-ago levels. The count in the Eagle Ford stayed the same again this week at 47, which is 8 more than this same time last year.
Oil prices were down on Friday with Brent now trading at $95.96 (-4.70%) per barrel. While down on the day, it is still up more than $8 per barrel from this time last week. WTI was also trading down on the day at $88.30 (-4.22%).
By Julianne Geiger for Oilprice.com
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