The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data from Baker Hughes, bringing the total rig count to 587, up 45 from the same time last year. The number of active oil rigs fell by 2 to 450, which is 35 above year-ago levels, while gas rigs rose by 1 to 127, five more than last year, and miscellaneous rigs held at 10. Weekly US crude oil production averaged 13.798 million barrels per day in the week ending July 17, down slightly from 13.861 million barrels per day the prior week but up 525,000 barrels per day from a year ago, according to the latest EIA data. Primary Vision's Frac Spread Count, an estimate of crews completing wells, fell by 4 to 196 crews after losing 5 the week before. In the Permian Basin, the rig count fell by 1 to 258, two rigs below year-ago levels, while the Eagle Ford held steady at 47, eight more than the same time last year. Oil prices were down on Friday, with Brent trading at $95.96 per barrel, a drop of 4.70%, and WTI at $88.30 per barrel, down 4.22%, though Brent remained more than $8 per barrel higher than a week ago.
Baker Hughes CoBaker Hughes reports rig count data; falling rigs may reduce demand for its services, but the article only reports the data without commenting on Baker Hughes's business.