US weekly rig count little change, Permian flat again - Baker Hughes

Quantum Commodity Intelligence - North American drilling activity was slightly higher during the week ending 4 November, oilfield services firm Baker Hughes reported.

The total weekly rig count nudged up by two units to 770, with the number up by 220 rigs, or 40%, compared to the 550 at work a year ago.

The number of rigs dedicated to crude was up by three units, standing at 613, while the number of rigs drilling for natural gas slipped by one to 155.

Texas added one rig to stand at 368, while the Permian Basin, spread across west Texas and New Mexico, held steady at 346.

In the week ending 4 November, US benchmark WTI prices were slightly higher, underpinned by falling output.   

NYMEX WTI trading on the Chicago Mercantile Exchange settled Friday at $92.61/b for the Dec22 contract, up 5.35% on the week.

Over the same week, front-month Jan22 ICE Brent futures closed at $98.57/b, up 5.1%.