The expansion in drilling activity contrasts with recent output figures from the Energy Information Administration. For the week ending September 18, domestic crude oil production dipped to an average of 13.939 million barrels per day, down slightly from 13.944 million the previous week. Despite this minor contraction, current production remains 438,000 barrels per day higher than year-ago levels.
US Drilling Activity Rebounds Amid Mixed Production Signals
Active drilling rigs across the United States climbed to 599 this week, marking a gain of 50 units compared to the same period last year. Baker Hughes data confirms the upward trend, with the count of oil-focused rigs rising by three to 455 and gas rigs increasing by one to 135.
Regional activity showed uneven growth, as the Permian Basin added one rig to reach 270, while the Eagle Ford shed a unit to settle at 50. Simultaneously, completion activity gained momentum, with the Primary Vision Frac Spread Count rising by three crews to 187. Market sentiment remained cautious leading into the weekend, as Brent crude fell 2.60% to $103.83 per barrel and WTI dropped 2.63% to $92.12.
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