U.S. Oil, Gas Drillers See Minor Uptick as Oil Prices Crash

Recent data from Baker Hughes indicates that the number of active oil and gas drilling rigs in the United States has increased slightly, with the total rig count reaching 604, up from 548 this time last year. Oil rig numbers rose by 1 to 463, marking a 49 rig increase compared to the same period last year. Gas rig activity also saw a minor uptick, with the count rising to 131, a 3-rig increase from last year.

Conversely, miscellaneous rigs saw a decrease of 1, settling at 10. Meanwhile, U.S. crude oil production hit a new record during the week ending October 30, clocking in at 14.003 million barrels per day (bpd), up from 13.992 million bpd the previous week and 352,000 bpd compared to a year ago. However, the number of crews completing wells, as estimated by Primary Vision's Frac Spread Count, dropped for the third consecutive week, falling to 191, a 3 crew decrease year-over-year.

The Permian Basin's active drilling rigs increased by 1 to 273, 22 more than a year ago. Meanwhile, the Eagle Ford maintained a count of 50, 8 rigs higher than this time last year. Prior to the data release, oil prices saw a brief bounce, with Brent crude at $97.32 per barrel, up 0.99%, and West Texas Intermediate (WTI) at $90.00 per barrel, down 0.57%.