US drilling going nowhere Baker Hughes data shows

The total number of active oil and gas rigs in the United States was unchanged this week, according to new data released Friday by Baker Hughes, after holding steady the previous week.

The total rig count remained at 585, according to Baker Hughes, down more than 5 percent from the same period last year.

The oil rig count fell by 1 this week to 479, down 17 from this time last year. The gas rig count rose by 1 this week to 102, a loss of 16 active gas rigs from this time last year. The various platforms remained the same in 4.

Meanwhile, U.S. crude oil production remained at an all-time high in the week ended Oct. 25 — for the third week in a row — according to weekly estimates released by the Energy Information Administration (EIA). Current weekly oil production in the United States, according to the EIAcontinues to stand at 13.5 million bpd.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells, rose by one in the week ended Oct. 25, from 238 to 239 — about the same level as the start of the year.

Drilling activity in the Permian fell by 1 this week to 303 – a figure that is 7 less than the same period last year. The Eagle Ford count also fell by 1 to 48. Eagle Ford rigs are now just 3 below where they were this time last year.

Oil prices traded higher on Friday. At 12:23 ET, benchmark WTI was trading up $0.79 (+1.14%) on the day at $70.05, down about $1.30 a barrel from this time last week . Benchmark Brent traded up $0.79 (+1.09%) on the day at $73.60, down more than $2 a barrel from last Friday’s price.

By Julianne Geiger for Oilprice.com

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