Rig Count, Production Finally Stabilizes

The lowest daily count of active rigs the U.S. so far this year, according to Enverus, was 264 rigs and since then, the count has consistently stayed above 270. Enverus’ RigData’s Day Rate Report showed the average day rate across the U.S. and all rig classes was $15,898 in July. Rates have continued to fall across the board since February, but the decline started to taper off over the last two months after peaking at -3% month-to-month in May.

Oil production has also stabilized, according to the U.S. Energy Information Administration’s weekly petroleum status report. Output in the U.S. for the week ending July 31 was 11 million bbl/d of oil, down 100,000 bbl/d from the prior week.

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