Fuel / NEWS UPDATE
U.S. Rig Count Holds Steady as Oil Prices Surge
Published · 1 min read
The U.S. rig count for oil and gas drilling remained steady at 603 for the second consecutive week, with oil rigs increasing to 460 and gas rigs decreasing to 132.
Despite the unchanged rig count, oil prices surged, with Brent trading at $116.52 per barrel and WTI at $102.88. Weekly U.S. crude oil production decreased to an average of 13.269 million barrels per day, down from the previous week and a year ago. The Frac Spread Count, an estimate of well-completion crews, fell for the first time in six weeks.