U.S. oil rig count rises while crude prices fall and production reaches a record high, signaling mixed trends in the energy market.
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, after falling in the two weeks prior. The total rig count rose by 7, landing at 589 total rigs, according to Baker Hughes , down 37 from this same time last year. The number of oil rigs rose by five this week to 482down by 21 compared to this time last year.
Primary Vision's Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, fell in the week ending November 28, from 221 to 215down 21 from the beginning of the year. Drilling activity in the Permian rose by 1 to 304a figure that is 9 fewer than this same time last year. The count in the Eagle Ford also stayed the same at 48. Rigs in the Eagle Ford are now just 4 below where they were this time last year.
Rig Count Baker Hughes U.S. Oil Production Permian Basin Eagle Ford Drilling Activity Frac Spread Count OPEC+ Crude Oil Benchmark
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