The number of oil and gas rigs in the United States fell by 1 this week, according to Baker Hughes.
The total rig count is now at 542, up 255 from this time last year, but still under the 790 active rigs as of March 2020.
The U.S. oil rig count fell this week to 443—a 2-rig decrease—after six straight weeks of additions. The number of gas rigs increased by 1 and miscellaneous rigs stayed the same.
The EIA’s estimate for oil production in the United States for the week ending October 15 fell slid 100,000 bpd to 11.3 million bpd after rising five out of the previous five weeks.
Canada’s overall rig count decreased by 4. Active oil and gas rigs in Canada are now at 164, up 85 on the year.
The rig count in the Permian Basin rose again this week, by 1. The number of rigs in the Eagle Ford stayed the same. The Permian’s total rig count is now 135 rigs above what it was this time last year.
Primary Vision’s Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose by 5 to 268 for week ending October 15. The frac count is up by 135 since the start of the year.
At 12:29 p.m. EDT, oil prices were trending up on the day. WTI was trading at $83.31—up 0.98% on the day and more than $1 on the week. The Brent benchmark was trading at $85.23—up 0.73% on the day.
By Julianne Geiger for Oilprice.com
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