The US rig count stayed flat for a second week while oil prices climbed on Friday. Brent and WTI both traded higher, and weekly US crude production fell.
Active US drilling rigs for oil and gas held at 603, unchanged for the second week in a row, Baker Hughes reported on Friday. The total is 53 above the same time last year.
Within the total, oil rigs rose by one to 460, 40 more than a year ago. Gas rigs fell by one to 132, which is 11 more than a year earlier. Miscellaneous rigs stayed at 11.
Oil prices were up on Friday before the data release. Brent traded at $116.52, up 2.96% on the day and $11 per barrel from a week earlier. WTI traded at $102.88, up 3.43% on the day and nearly $5 per barrel from last week.
Production moved the other way. EIA data showed that US crude oil production averaged 13.269 million bpd in the week ending October 16, down from 13.679 million bpd the previous week and 360,000 bpd below a year earlier.
The Permian Basin count stayed at 272, 22 rigs above year-ago levels, while the Eagle Ford rose by two to 51, eight more than a year ago.
Primary Vision's Frac Spread Count, an estimate of the number of crews completing wells, fell by four crews to 199 in the week ending October 16. It was the first decline in six weeks, and the count is up 24 year over year.
Source: Oilprice.com
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