The latest reporting period saw a decline of three oil-focused rigs, bringing the active count to 459, while gas rigs experienced a marginal increase of one to reach 133. This lack of growth in drilling activity aligns with a pullback in output, as EIA data indicates U.S. crude production dropped to 13.679 million barrels per day for the week ending October 9. This figure represents a significant retreat from the previous week's 13.979 million barrels per day.

Contrasting the static rig count, Primary Vision’s Frac Spread Count—which tracks crews completing wells—recorded its fifth consecutive weekly gain, rising by seven to hit 203. Regional activity remains uneven, with the Permian Basin losing two active rigs to settle at 272, while the Eagle Ford basin maintained a stable count of 49. Although Brent traded at $105.60 and WTI at $97.56 on Friday, the broader market remains cautious, prioritizing capital discipline over aggressive expansion despite the upward price momentum observed over the past seven days.