The total number of active drilling rigs for oil and gas in the United States saw fell this week, according to new data that Baker Hughes published on Friday, after holding steady in the week prior.
The total rig count fell by a single rig to 584, according to Baker Hughes, down more than 5% from this same time last year.
The number of oil rigs fell by one this week to 478—down by 22 compared to this time last year. The number of gas rigs also fell by a single rig, landing at 101, a loss of 13 active gas rigs from this time last year. Miscellaneous rigs rose by 1 to 5.
Meanwhile, U.S. crude oil production retreated 100,000 bpd from its highest level ever in the week ending November 8 to an estimated 13.4 million bpd—ending its four week streak, Energy Information Administration (EIA) data shows.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, fell again in the week ending November 8, from 232 to 227—down 9 from the beginning of the year.
Drilling activity in the Permian stayed at 303—a figure that is 8 fewer than this same time last year. The count in the Eagle Ford also stayed the same at 48. Rigs in the Eagle Ford are now just 2 below where they were this time last year.
Oil prices were trading down on Friday before the data release. At 12:45 p.m. ET, the WTI benchmark was trading down $1.35(-1.97%) on the day at $67.35, down nearly $3 per barrel compared to last Friday’s price. The Brent benchmark was trading down $1.24 (-1.71%) on the day at $71.32—down just over $2 per barrel compared to last Friday’s price.
By Julianne Geiger for Oilprice.com