U.S. Oil Rig Count Rises as Gas Rig Activity Declines

The number of active oil and gas drilling rigs in the United States remained unchanged last week, according to data released by Baker Hughes on Friday. The total rig count stood at 588, marking a 51 increase compared to the same period last year. Among the active rigs, oil rigs saw a 2 rise, totaling 449, which is 35 more than the figures from a year ago.

Conversely, gas rigs experienced a decrease of 2, with the count settling at 130, making it 12 more than the same time last year. Miscellaneous rigs remained constant at 9. Meanwhile, the latest data from the Energy Information Administration (EIA) revealed a weekly surge in U.S. crude oil production, with an average of 13.862 million barrels per day (bpd) during the week ending August 28, up from 13.843 million bpd the previous week and an impressive 423,000 bpd compared to the same period last year.

However, the Primary Vision's Frac Spread Count, which estimates the number of crews completing wells, dipped by 4 to 180 crews in the week ending August 28, following a 9-crew loss in the preceding week. In the Permian Basin, the count of active drilling rigs climbed by 1 to 268, indicating a 14-rig increase compared to the same period last year.

The Eagle Ford region, on the other hand, maintained its rig count at 50, reflecting an 11-rig rise compared to the same time last year. Oil prices experienced a downturn on Friday preceding the data release, with Brent crude trading at $95.27 per barrel, down 0.26%, and WTI at $90.60 per barrel, down 0.77%.