US Rig Count Holds at 603 as Crude Benchmarks Surge Past $100

The total number of active drilling rigs for oil and gas in the United States held unchanged for the second consecutive week, according to weekly industry figures published on Friday by Baker Hughes. The overall count remained at 603, representing an increase of 53 units compared with the corresponding period last year.

Baker Hughes reported that active oil-directed rigs rose by one to reach 460 during the latest reporting period. That figure stands 40 rigs higher than the level recorded twelve months earlier. In contrast, the tally of active gas rigs slipped by one to 132, though it remains 11 higher year on year. Miscellaneous drilling units were steady at 11.

Basin Activity and Completion Trends

Regional data indicated diverging movements across major onshore production areas. In the Permian Basin, the active rig tally was unchanged over the period at 272, which sits 22 rigs above year-ago levels. Activity in South Texas saw an uptick, with the Eagle Ford adding two rigs to reach a total of 51, marking an increase of eight units year on year.

Alongside rotary drilling activity, well completion operations showed signs of softening. According to Primary Vision, the Frac Spread Count—which tracks the number of active crews completing unfinished wells—dropped for the first time in six weeks during the week ending 16 October. The completion metric fell by four crews to 199, although it remains up by 24 crews compared to the same week in the previous year.

Output Trends and Market Backdrop

The stable drilling levels coincide with a recent contraction in domestic crude output. Official data from the US Energy Information Administration (EIA) showed weekly US crude oil production fell during the week ending 16 October, averaging 13.269 million barrels per day (bpd). This represents a drop of 410,000 bpd from the 13.679 million bpd recorded the prior week, and a decline of 360,000 bpd compared with year-ago figures.

The flat rig counts arrived against a backdrop of escalating international energy commodity prices. Prior to the release of the rig statistics, international benchmark Brent crude traded up 2.96% on the session at $116.52 per barrel, gaining approximately $11 per barrel week on week. US benchmark West Texas Intermediate (WTI) traded up 3.43% at $102.88 per barrel, marking an advance of nearly $5 per barrel from the prior Friday.