US Drilling Stagnates as Crude Prices Climb

Activity across the patch shows marginal shifts: oil-directed rigs increased by one to reach 460, while gas-focused operations dipped by one to 132. Despite this static drilling environment, the Permian Basin maintained its output profile with 272 active rigs, and the Eagle Ford saw a slight uptick, adding two units to reach 51.

These figures arrive alongside a contraction in completions. Primary Vision’s Frac Spread Count, which tracks the crews finishing wells, retreated to 199 after six weeks of growth. Simultaneously, the EIA reported a decline in domestic production to 13.269 million barrels per day for the week ending October 16, marking a significant drop from the previous week’s 13.679 million barrels. As production volume fluctuates, market volatility persists; WTI crude climbed 3.43% to trade at $102.88, reflecting a broader upward trend in energy pricing.