U.S. Oil and Gas Rig Count Rises to 588 While Frac Crews Decline

Baker Hughes reported on Friday that the total number of active U.S. oil and gas drilling rigs rose to 588. The count stood 44 rigs above the same week last year. Active oil rigs increased by 7 to 452, which is 30 above year-ago levels.

Gas rigs held steady at 126, nine more than the prior year. Miscellaneous rigs remained at 10. EIA data showed U.S. crude oil production averaged 13.861 million barrels per day for the week ending July 10.

Output rose slightly from 13.860 million barrels per day the prior week and stood 486,000 barrels per day higher than the same week a year earlier. Primary Vision’s Frac Spread Count fell by 5 to 200 crews for the week ending July 10. The Permian Basin added 3 rigs to reach 259, four below year-ago levels.

Brent crude traded at $87.65 per barrel on Friday, up 4.06 percent for the day and roughly $12 higher than the prior week. WTI crude rose 4.15 percent to $82.23 per barrel.