U.S. Oil Rig Count Rises as Oil Tops $100

In the latest week, the number of active oil and gas drilling rigs in the United States increased to 591, marking a rise of 52 compared to the same period last year. Specifically, the number of active oil rigs grew by one, reaching 450, which is 34 more than the same time last year. Meanwhile, the count of gas rigs increased by two to 132, indicating a 14% rise compared to last year. The number of miscellaneous rigs remained unchanged at 9.

The Energy Information Administration (EIA) data showed that U.S. crude oil production increased during the week ending September 4, averaging 13.947 million barrels per day (bpd), a 452,000 bpd increase from the previous week and a year-on-year surge. However, Primary Vision's Frac Spread Count, an estimate of the number of crews completing wells, fell for the fourth consecutive week, reaching 178 by September 4, the lowest since May.

The Permian Basin, a major oil-producing region, maintained its active drilling rig count at 268, 14 above the figures from a year ago. Similarly, the Eagle Ford, another significant oil-producing area, saw an increase in its rig count to 51, 9 more than the same period last year. Prior to the release of this data, oil prices were down on Friday, with Brent crude trading at $105.07, 2.38% lower, and $10 higher than the previous week. West Texas Intermediate (WTI) was also trading down on the day at $99.60, a 2.81% decrease.