The total number of active oil and gas drilling rigs in the United States remained unchanged at 588 this week, according to data released by Baker Hughes. This figure is 49 rigs higher than the same period last year, marking a slow but steady recovery in the industry.
In detail, the count of operational oil rigs rose by three to reach 454, a significant increase of 43 compared to last year. However, the number of gas rigs fell by three to 124, remaining just one rig above last year’s figures. The count of miscellaneous rigs has held steady at ten.
Recent data from the U.S. Energy Information Administration (EIA) indicates a slight rise in crude oil production for the week ending July 31. U.S. crude oil output averaged 13.804 million barrels per day (bpd), an increase from the previous week’s average of 13.796 million bpd and up 520,000 bpd from a year ago.
Additionally, the Frac Spread Count, which estimates the number of crews completing wells, decreased by four to 194 crews. Meanwhile, the Permian Basin saw a three-rig increase, reaching 263, which is seven more than a year ago, while activity in the Eagle Ford remained stable at 49 rigs.
Oil prices experienced a rise on Friday, with Brent crude trading at $83.55 per barrel, up 1.29% for the day but down $6 compared to last week. WTI crude also saw an increase, trading at $78.21 per barrel.
Test Your Understanding
How much do you know?
