U.S. Drilling Activity Stumbles As Prices Remain Volatile

The U.S. drilling rig count decreased by 1 this week to 585, compared to 624 this time last year, according to Baker Hughes. Oil rigs rose by 1 to 482, while gas rigs fell by 2 to 99. U.S. crude oil production hit a record 13.5 million barrels per day (bpd) in the week ending October 11, as reported by the Energy Information Administration (EIA). Primary Vision’s Frac Spread Count, which tracks crews completing wells, increased from 236 to 241. Drilling activity in the Permian Basin remained unchanged at 304 rigs, just 7 fewer than a year ago, while the Eagle Ford basin added 1 rig, bringing the total to 49. However, both basins remain slightly below their rig counts from last year. Oil prices dropped, with WTI trading at $69.69 and Brent at $73.51, as market concerns about demand weighed on prices, reflecting a $5-$6 per barrel decline from last week.

Original Article: U.S. Drilling Activity Stumbles As Prices Remain Volatile