US Active Oil Rigs Inch Up as Prices Fall Amid Global Reserve Release
The number of active oil rigs in the US has increased by 1 to 456, according to Baker Hughes' latest data. This marks a 34-rig rise compared to this time last year. In contrast, gas rigs fell by 2 to 133, which is still 15 more than at the same point in 2023.
The total rig count in the US has reached 598, up 49 from the same period last year. The Permian Basin saw no change in active drilling rigs, remaining at 270 and 19 above year-ago levels. The Eagle Ford lost a rig for the second week in a row, with 49 rigs still 4 more than this time last year.
US crude oil production rose to an average of 13.955 million bpd during the week ending September 25, up from 13.939 million bpd last week and 450,000 bpd from the same period in 2023. The Frac Spread Count, a measure of well completion activity, increased for the third consecutive week to 195, up 8 crews from the previous week.
Oil prices were lower on Friday prior to the data release, with Brent trading at $101.10 (-1.14%) per barrel and WTI at $90.50 (-2.55%). These declines follow Europe's announcement of releasing additional crude oil and diesel from emergency reserves.