U.S. Oil, Gas Drillers Still on Hold
The total number of active drilling rigs for oil and gas in the United States remained unchanged again this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 603, up 57 from this same time last year. The number of active oil rigs rose by 2, to 462 during the latest reporting period, according to the data. This is 48 above this same…
U.S. oil and gas drilling activities have remained dormant for a third week in a row, according to data released by Baker Hughes on Friday. The total rig count stood at 603, up 57 rigs from the same period last year. Oil rig numbers climbed by 2 to 462, 48 more than the previous year. Gas rig activity dropped by 2 to 130, slightly higher than the same point last year.
Miscellaneous rigs remained at 11. Meanwhile, weekly U.S. crude oil production surged to 13.992 million barrels per day (bpd) during the week ending October 23, marking a notable increase from 13.269 million bpd the previous week and 348,000 bpd compared to a year ago. However, the count of active drilling rigs in the Permian Basin remained unchanged at 272, 21 rigs above year-ago levels.
In contrast, the Eagle Ford reported a decrease to 50 rigs, 7 more than last year. Oil prices saw a rise on Friday, with Brent closing at $117.58 per barrel, up 2.35% from the prior day and $1 higher than last week. West Texas Intermediate (WTI) also gained, trading at $104.13 per barrel, up 2.09% and nearly $1.50 above last week's price.
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