U.S. Oil Rig Count Holds at 463 as Output Sets Record

The total U.S. rig count fell during the latest reporting period to 601, though it was 52 higher than a year earlier. Oil rigs were up 46 year over year. Gas rigs declined by four, leaving the count two above its level at the same time last year, while miscellaneous rigs gained one to reach 11.

The Energy Information Administration’s weekly figures put crude output at 14.013 million barrels per day, up from 14.003 million the previous week and 151,000 barrels per day above the year-earlier level. Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, rose by four to 195 in the week ending November, up 22 from a year earlier.

In the Permian Basin, the rig count increased by two to 275, or 22 more than a year ago. The Eagle Ford count held at 50, nine above its year-earlier level. Before the data release Friday, Brent traded at $96.09 per barrel, up 3.59%, and WTI was at $89.00, up 2.85%.