U.S. Rig Count Holds Steady as Oil Prices Surge
6 Million Barrels in Two Minutes Draws CFTC Scrutiny Investors should consider taking profits… Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… The total number of active drilling rigs for oil and gas in the United States remained unchanged for the second week in a row this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 603, up 53 from this same time last year.
The number of active oil rigs rose by 1, to 460 during the latest reporting period, according to the data.
This is 40 above this same time last year.
The number of gas rigs fell by 1 to 132, which is 11 more than this time last year.
The latest EIA data showed that weekly U.S.
crude oil production fell during week ending October 16.
US crude oil production averaged13.269 million bpdduring the reporting period, down from 13.679 million bpd last week and down 360,000 bpd from a year ago.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell for the first time in six weeks during the week ending October 16, losing 4 crews and sinking to 199.
The number of active drilling rigs in the Permian Basin stayed the same during the reporting period, at 272.
The count in the Eagle Ford rose by 2 to 51, which is 8 more than this same time last year.
Oil prices were up on Friday prior to the data release, with Brent now trading at$116.52(+2.96%) per barrel, and up $11 per barrel from this time last week.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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