U.S. Rig Count Edges Higher as Oil Prices Slide

Oil rigs rose by one to 463, or 49 more than a year earlier. Gas rigs also gained one, reaching 131—three above the year-ago level. The number of miscellaneous rigs fell by one to 10. Overall, the U.S. total was 56 rigs higher than at the same time last year.

U.S. crude output climbed to a record 14.003 million barrels per day in the week ending October 30, according to the latest Energy Information Administration data. That was up from 13.992 million bpd the previous week and 352,000 bpd from a year earlier.

Primary Vision’s Frac Spread Count, which estimates the number of crews completing wells, declined for a third consecutive week. It fell by three crews to 191 in the week ending October 30, though the count remained 16 above its level a year earlier.

In the Permian Basin, the rig count rose by one to 273, 22 more than a year earlier. The Eagle Ford count held at 50, eight above its year-ago level.

Brent was trading at $97.32 a barrel on Friday, down 0.99% on the day and about $20 from a week earlier. WTI stood at $90.00, down 0.57% on the day and roughly $14 over the week.