The number of active oil and gas drilling rigs in the United States increased this week, with relatively strong prices continuing to support activity in the sector. Baker Hughes said on Friday that the total U.S. rig count rose to 595, which is 53 higher than in the same period a year earlier.
Active oil rigs increased by 2 to 452, putting the count 34 above year-ago levels. Gas rigs also climbed by 2 to 134, up 16 from the same time last year. Miscellaneous rigs were unchanged at 9.
At the same time, the latest EIA figures showed a slight decline in U.S. crude oil production for the week ending September 11. Output averaged 13.944 million bpd during the reporting period, compared with 13.947 million bpd a week earlier. Even so, production remained 462,000 bpd above the level seen a year ago.
Market participants also tracked Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells. For the week ending September 11, the measure rose by 6 crews to 184, snapping a four-week losing streak and recovering from its lowest level since May.
Regionally, the number of active rigs in the Permian Basin increased by 1 to 269. That is 15 rigs more than a year ago. In the Eagle Ford, the count was unchanged at 51, which is 9 above the year-earlier level.
Oil prices were moving lower on Friday ahead of the data release. Brent traded at $103.60 per barrel, down 1.16% on the day and roughly $1.30 below the level seen at the same time last week. WTI was also down on the day at $100.67 per barrel, a decline of 1.22%.
