Cameroon timber
By Julianne Geiger – Nov 08, 2024, 12:15 PM CST
The total number of active drilling rigs for oil and gas in the United States saw no change again this week, according to new data that Baker Hughes published on Friday, after holding steady in the week prior.
The total rig count stayed at 585, according to Baker Hughes, down more than 5% from this same time last year.
The number of oil rigs stayed the same this week at 479—down by 15 compared to this time last year. The number of gas rigs also stayed the same this week at 102, a loss of 16 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4.
Meanwhile, U.S. crude oil production stayed at its highest level ever in the week ending November 1—for the fourth week in a row—according to weekly estimates published by the Energy Information Administration (EIA). Current weekly oil production in the United States, according to the EIA, continues to sit at 13.5 million bpd.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, fell in the week ending November 1, from 239 to 232—down also from the beginning of the year levels.
Drilling activity in the Permian stayed at 303—a figure that is 7 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 3 below where they were this time last year.
Oil prices were trading down on Friday before the data release. At 10:41 a.m. ET, the WTI benchmark was trading down $2.22(-3.07%) on the day at $70.14, nearly even with last Friday’s price. The Brent benchmark was trading down $2.07 (-2.74%) on the day at $73.56—also in line with last Friday’s price.
By Julianne Geiger for Oilprice.com
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