U.S. Crude Oil and Gas Production Holds Steady


New data released by Baker Hughes on Friday indicates that there were fewer active U.S. oil and gas drilling rigs nationwide this week.
This week, there were 605 rigs overall, down from 748 rigs at this time last year.
After declining by five the week before, the number of oil rigs decreased by seven this week. There are now 499 oil rigs, which is 89 fewer than there were at this time last year. There are now 102 gas rigs, down from 102 at this time last year, a decrease of 3 this week. Other rigs increased by two.

In the meantime, U.S. crude oil production averaged 13.1 million barrels per day for the week ending April 26, unchanged for the eighth consecutive week and 200,000 barrels per day below the all-time high of 13.3 million barrels per day.
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The forecast of the number of crews finishing incomplete wells, known as Primary Vision’s Frac Spread Count, decreased to 257 in the week ending April 26. The weekly completion rate decreased by 3.
The Permian dropped by 1 rig the week before, then by 1 again. After showing no change the week before, the Eagle Ford count decreased by three this week.

On Friday, the price of oil was declining, with both benchmarks down roughly $0.50 per barrel. Prior to the data release, at 12:46 p.m. ET, the the West Texas Intermediate ( benchmark was trading at $78.45, down $0.50 (-0.63%) on the day. At this point, the price is around $5.50 less than it was last week.
At $83.26, the benchmark Brent price was down $0.41 (-0.49%) from a week earlier, or about $6 less per barrel.