The total number of active rigs in the United States rose by 7 this week, according to new data from Baker Hughes released on Friday.
The total number of platforms increased to 769 this week, which is 226 more platforms than the number of platforms this time in 2021.
U.S. oil rigs increased by 8 this week, to 610. Gas rigs slid 1, to 157. Miscellaneous rigs remained the same at 2.
The number of rigs in the Permian Basin increased by 1 to 346 this week. Eagle Ford rigs slid 1 to 71. Permian oil and gas rigs are 79 higher than this time last year.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells – a more economical use of finance than drilling new wells – rose 1 to 291 for the week ending October 7, from 284 a month ago and 263 a year ago.
U.S. crude oil production had a disappointing week, particularly after a week of trading barbs between Saudi Arabia and the U.S. over oil production levels. U.S. crude production fell to 11.9 million bpd for the week ending Oct. 7, according to the latest weekly EIA estimates. U.S. production levels are up just 200,000 bpd so far this year and 600,000 bpd from a year ago.
As of 11:08 a.m. ET, the benchmark WTI was trading down $2.95 a barrel (-3.31%) on the day at $86.16 a barrel, down more than $6 a barrel. since this time last week, erasing all the gains seen during last week’s OPEC+. reduction of production quotas by 2 million bpd.
Benchmark Brent was trading at $92.00 a barrel, down $2.57 (-2.72%) on the day and down $6 a barrel from this time last Friday.
WTI was trading at $86.22 minutes after the data was released.
By Julianne Geiger for Oilprice.com
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