Key facts
- The total number of active oil and gas drilling rigs in the US increased to 588.
- Active oil rigs rose by 1 to 451, while gas rigs remained at 127.
- US crude oil production saw a slight decrease, averaging 13.796 million barrels per day.
- The number of active drilling rigs in the Permian Basin increased by 2 to 260.
- WTI crude oil was trading at $84.67 per barrel, and Brent crude at $89.95 per barrel on Friday.
The total number of active drilling rigs for oil and gas in the United States rose this week to 588, an increase of 48 from the same time last year. The number of active oil rigs specifically increased by 1 to 451, while gas rigs remained unchanged at 127. This data comes as US crude oil production averaged 13.796 million barrels per day for the week ending July 24, a slight decrease from the previous week but still up significantly from a year ago.
Estimates for the number of crews completing wells, known as Frac Spread Count, rose by 2 to 198. Activity in the Permian Basin saw an increase of 2 rigs, bringing the total to 260, while the Eagle Ford region added 2 rigs to reach 49.
Oil prices saw gains on Friday, with Brent crude trading at $89.95 per barrel and WTI at $84.67 per barrel. Despite the daily increase, WTI is down $6 per barrel from the previous week.