US Rig Count Climbs to 595 Amid High Prices
Active US drilling rigs rose to 595 this week, marking a 53-rig increase over the same period last year despite recent production declines.
The total number of active oil and gas drilling rigs in the United States increased to 595. This represents a weekly gain and a 53-rig jump from the same point last year. Baker Hughes released the data on Friday, citing sustained high commodity prices as the primary driver for the expansion.
Oil-specific rig activity saw a modest rise. The count of active oil rigs reached 452, up by two units. This figure stands 34 rigs above the year-ago level. Gas rig activity also increased, with the total climbing to 134 units. Miscellaneous rigs remained unchanged at nine.
Production Data Shows Minor Weekly Decline
U.S. crude oil production dipped slightly during the week ending September 11. The Energy Information Administration reported an average output of 13.944 million barrels per day. This is a small decrease from the previous week’s 13.947 million barrels per day. However, production remains 462,000 barrels per day higher than in the same period last year.
Service activity indicators show a shift in momentum. Primary Vision’s Frac Spread Count ended a four-week losing streak. The number of crews completing wells increased by six to reach 184. This marks a recovery from the lowest levels recorded since May.
Regional Rig Counts Remain Stable
The Permian Basin saw a one-rig increase, bringing the total to 269. This count is 15 rigs above the level seen a year ago. The Eagle Ford region maintained its count at 51 rigs. This figure is nine rigs higher than the year-ago benchmark. Regional stability suggests that drilling activity is consolidating rather than expanding rapidly.
Crude Prices Fall Before Data Release
Oil prices declined on Friday ahead of the rig count publication. Brent crude traded at $103.60 per barrel, a drop of 1.16%. This is a decrease of roughly $1.30 from the same time last week. WTI crude also fell, trading at $100.67 per barrel with a 1.22% decline. GN auto markets/energy: crude oil prices observed this volatility despite the upward trend in rig activity.
