United States oil and gas rig counts decline amid rising production

The total number of active oil and gas drilling rigs in the United States decreased this week, according to data published by Baker Hughes. The total rig count fell to 588, though this remains 50 rigs higher than the same period last year. Specifically, active oil rigs dropped by three to 452, while gas rigs decreased by one to 127.

Despite the decline in rig counts, EIA data indicated that weekly U.S. crude oil production rose to an average of 13.830 million barrels per day for the week ending August 14, an increase of 503,000 barrels per day compared to a year ago.

Regional activity showed mixed results: active drilling rigs in the Permian Basin increased by two to 267, and the Eagle Ford count rose by one to 50. Meanwhile, the Primary Vision Frac Spread Count, which estimates crews completing wells, fell by three to 193. During the same period, oil prices saw an upward trend, with Brent crude trading at $94.23 per barrel and WTI at $86.92.