• The total number of active oil and gas rigs in the U.S. fell by two this week to 586.
• US crude oil production fell by 100,000 barrels per day in the week ended August 9.
• Oil prices, including WTI and Brent, fell on Friday.

The total number of active oil and gas rigs in the United States fell this week, according to new data released by Baker Hughes on Friday.

The total number of rigs fell by 2 to 586 this week, compared to 642 rigs in the same period last year.

The oil rig count decreased by two this week after increasing by three the week before. The oil rig count now stands at 483.—37 fewer than in the same period last year. The number of gas rigs increased by 1 this week to 98, which represents a decrease of 19 active gas rigs compared to the same period last year. The number of other rigs decreased from 6 to 5.

Meanwhile, U.S. crude oil production declined in the week ending August 9, according to weekly estimates from the Energy Information Administration (EIA). The current weekly oil production in the United States, according to RRPfell by 100,000 bpd to the previous record of 13.3 million bpd.

Primary Vision’s frac spread count, an estimate of the number of teams completing unfinished wells, fell from 243 to 240 for the week ended August 9, partially offsetting last week’s gain of 6 teams.

Drilling activity in the Permian fell 1 this week to 303, a number that is 24 fewer than the same time last year. The number in the Eagle Ford fell 2 this week to now stand at 48, after being unchanged the week before. Drilling activity in the Eagle Ford is now 5 fewer than the same time last year.

Oil prices continued to fall on Friday. At 12:35 p.m. ET, the WTI benchmark was at $76.89, down $1.27 (-1.62%) on the day – a loss of $0.15 on the week. The Brent benchmark was at $79.90, down $1.14 (-1.41%) on the day – a gain of $0.10 on the week.

By Julianne Geiger for Oilprice.com

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