US Drilling Rig Count Holds Steady Amid Oil Price Slump
The latest data from Baker Hughes shows that the total number of active oil and gas drilling rigs in the United States remained steady at 588, up 52 from this time last year. However, the number of active oil rigs decreased by 5 to 447, which is still 35 more than it was a year ago. On the other hand, the number of gas rigs increased by 5 to 132, surpassing last year's count by 13.
The weekly U.S. crude oil production rose during the week ending August 21, according to the EIA data, averaging 13.843 million bpd, a significant increase from 461,000 bpd compared to the same period last year. Primary Vision's Frac Spread Count also saw a slight decrease of 9 crews to 184 in the same reporting period.
The Permian Basin and Eagle Ford regions showed no change in their rig counts, remaining at 267 and 50 rigs respectively, both exceeding last year's numbers by 12 and 11 rigs. The current oil prices have seen a decline, with Brent trading at $89.3594 per barrel (-0.39%), while WTI is down to $83.21 (-0.38%).