Drilling activity in the United States continues to pick up, according to Baker Hughes, with a 7-rig rise to the number of active drilling rigs this week, according to Baker Hughes.
The total rig count is now at 563—a figure that is 253 up from this time last year. Nevertheless, active rigs are still hundreds less than the 790 active rigs that were drilling in the pre-covid world.
The U.S. oil rig count rose this week to 461—a 7-rig increase since last week, and a 230 rig increase since this time last year.
The number of gas rigs, as well as the miscellaneous rigs, stayed the same, with gas directed rigs at 102.
The EIA's estimate for oil production in the United States for the week ending November 12 slipped 100,000 bpd to 11.4 million bpd.
Oil production is still well below the 13.1 million bpd record set last year before the pandemic took hold in the United States.
Canada's overall rig count decreased by 1. Active oil and gas rigs in Canada are now at 167, up 66 on the year.
The rig count in the Permian Basin increased by 6 this week, with 122 rigs added since last year. The number of rigs in the nation's second most prolific basin, the Eagle Ford, also added 1 rig this week. The Permian's total rig count is now 278, with 42 total in the Eagle Ford.
Primary Vision's Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose by 3 this week to 269 for week ending November 12. The frac count is up by more than 130 since the start of the year.
At 10:30 p.m. EDT, oil prices were trending down on the day on a resurgence of coronavirus fears. WTI traded at $76.90—down 2.67% on the day and down $4 per barrel on the week. The Brent benchmark traded at $79.12, down 2.61% on the day and $3 per barrel on the week.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
- How A Biden SPR Release Will Send Oil Prices Even Higher In 2022
- Tiny Reactors Could Make Nuclear Power 50% Cheaper
- The Real Reason Big Oil Is Refusing To Boost Production