The total number of active oil and gas drilling rigs in the United States rose this week, according to new data published by Baker Hughes on Friday.
The total U.S. rig count rose 1 to 549 this week, according to Baker Hughes, down 35 from the same time last year.
The number of active oil rigs increased by 3 rigs during the reporting period, reaching 417 rigs. On a year-over-year basis, this represents a decrease of 61 platforms. The number of gas rigs fell by 3 to 125, which is 24 more than this time last year. The number of various rigs increased by 1 to 7.
The latest EIA data showed that weekly US crude oil production rose in the week ending November 7, with crude oil production reaching 13.862 million barrels per day – another new record high – up from 13.862 million barrels per day. 13.651 million barrels per day in the previous week.
The initial view fracking spread count, an estimate of the number of crews completing wells, fell for the third week in a row, this time losing 2 in the week ending November 7. The number of crushing crews now stands at 173, down from 201 at the beginning of the year.
The number of active drilling rigs in the Permian Basin increased by 2, to 253 rigs this week, which is 520 rigs less than last year’s levels. The number in Eagle Ford dropped by 1 again this week, to 41, which is 7 fewer than the same time last year.
By 12:33 PM ET, West Texas Intermediate crude oil index It traded up $1.51 a barrel intraday after a tough start to the week, and is on track to end the week above $60 a barrel. the Brent index It traded up $1.48 a barrel on Friday at $64.49 — up about $1 a barrel weekly.
Written by Julian Geiger for Oilprice.com
More best reads from Oilprice.com
Oil price intelligence Brings you mentions before they become front page news. This is the same expert analysis that seasoned traders and political consultants read. Get it for free, twice a week, and you’ll always know why the market is moving before anyone else.
You get the geopolitical intelligence, hidden inventory data, and market whispers that move billions — and we’ll send you $389 in premium energy information, on us, just for signing up. Join over 400,000 readers today. Get access instantly by clicking here.
The post US Oil Drilling Picks Up: Baker Hughes first appeared on Investorempires.com.
