The total number of active drilling U.S Oil and Gas rig count jumps rose substantially this week, bucking the recent downward trend, according to new data that Baker Hughes published on Friday.
The total rig count rose by 8 to 590 this week, compared to 641 rigs this same time last year.
The number of oil rigs rose by 5 this week after staying the same in the three weeks prior. Oil rigs now stand at 488—down by 27 compared to this time last year. The number of gas rigs rose by 3 this week to 97, a loss of 24 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 5.
Meanwhile, U.S. crude oil production stayed the same for the week ending September 6, according to weekly estimates published by the Energy Information Administration (EIA). Current weekly oil production in the United States, according to the EIA, is just 100,000 from its all-time high.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, fell again in the week ending September 6, from 222 to 220, adding onto the last four weeks of losses.
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Source: Oil Price
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