The oil sector saw a modest uptick in activity, with the number of active oil rigs rising by seven to reach 452. This brings the national count 30 units higher than figures recorded at this time last year. Gas rigs remained steady at 126, while the Permian Basin—the heart of American production—added three rigs for a total of 259. Conversely, the Eagle Ford basin held firm at 47 active rigs.

Production output continues to edge upward, with the latest EIA data confirming an average of 13.861 million barrels per day for the week ending July 10. While drilling intensifies, completion activity suggests a more cautious approach; Primary Vision’s Frac Spread Count fell by five to 200 crews. Market sentiment remains buoyed by the broader price recovery, as West Texas Intermediate tracked the Brent rally, trading up 4.15% to $82.23 per barrel.