The number of active oil and gas drilling rigs in the United States reached 603 rigs this week, which is an increase of 55 rigs compared to the same period last year. However, during this time, the number of active oil drilling rigs decreased by 3 rigs to 459 rigs, which is 41 rigs more than at the same time last year.
Analysis of Rig Changes
According to published data, the number of active gas drilling rigs in the United States has increased to 133 rigs, which is 12 rigs more than last year. Additionally, miscellaneous rigs also increased by 2 rigs to reach 11 rigs. This information indicates a balanced change between oil and gas drilling rigs in the United States.
Decrease in Crude Oil Production and Its Impact on the Market
New data from the U.S. Energy Information Administration (EIA) shows that U.S. crude oil production decreased in the week ending October 9, averaging 13.679 million barrels per day. This amount is down from last week’s 13.979 million barrels per day and only 43,000 barrels more than the same period last year.
On the other hand, the number of active rigs in the Permian Basin also decreased by 2 rigs to 272 rigs, which is 21 rigs more than last year. Meanwhile, the number of active rigs in the Eagle Ford remained unchanged at 49 rigs, which is 5 rigs more than last year.
Oil prices also fell on the Friday before the release of this data, with Brent crude oil priced at $105.60 per barrel and West Texas Intermediate (WTI) at $97.56 per barrel. Although these amounts show increases of $2 and $6 respectively compared to last week, the overall trend indicates a temporary decrease in the market.
