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US oil and gas rig count slips as prices hover near $100
Baker Hughes data put the US total rig count at 587, while weekly US crude oil production averaged 13.798 million bpd for the week ending July 17.
US drillers slowed activity as oil and gas rig counts edged lower in the latest Baker Hughes update, even as crude prices stayed near the $100 area. Baker Hughes said the total number of active oil and gas drilling rigs in the United States fell this week, leaving the count at 587, which is up 45 versus the same time last year.
The company reported that active oil rigs declined by 2 to 450. Gas rigs rose by 1 to 127, while miscellaneous rigs were unchanged at 10.
Production also showed a modest dip, with EIA data indicating weekly US crude oil production averaged 13.798 million barrels per day for the week ending July 17, down from 13.861 million bpd the prior week.
In basin-level activity, the Permian Basin rig count fell by 1 to 258, and the Eagle Ford held steady at 47. Oil prices were lower on Friday, with Brent trading around $95.96 per barrel and WTI around $88.30, according to the article’s market snapshot.
Latest closeWTI crude $92.23 ▲6.2%|Brent $100.54 ▲6.9%