No end in sight for the rig count.
As the rig count data showed yet another increase, the price of oil is experiencing a bit of a hot streak. West Texas Intermediate contracts for May delivery were up about 3 percent this week and are up nearly 9 percent in the past two weeks. Also, the price has decreased only two times in the past 10 trading days. Oil futures jumped on Thursday after the US Navy launched dozens of missiles at a Syrian airfield in response to a domestic chemical attack by President Bashar Assad.
The number of rigs exploring for oil and natural gas in the U.S. increased by 15 this week to 839.
Oil rigs landed on 672 up 10 from 662 last week. In the past year, oil rigs have risen by 318.
Natural Gas Rigs
165 rigs were drilling for natural gas this week. The US natural gas rig count peaked at 1,606 rigs on September 12, 2008. It hit a low of 81 rigs in the week ended August 26, 2016. US natural gas rigs are ~90.0% below their peak, but they’ve risen 97.5% from their lows.
OKLAHOMA SUMMARY – 122 Rigs – Plus 4
The state count climbed to 122 rigs running. The count is up from the low of 54 in February 2016. Oklahoma’s Cana Woodford play — which includes the STACK and SCOOP fields — gained 2 rigs back to 50. The Ardmore Woodford has 2 rigs while the Arkoma Woodford gained one and now has 10 rigs running.
The state has 2 directional rigs, 118 HZ rigs and 2 vertical rigs drilling.
By county, 3 counties currently have double-digit HZ rigs running, Blaine (24), Grady (11) and Kingfisher (20).
Custer County lost HZ 4 rigs, while Canadian, Garvin, Major, Roger Mills, and Woodard Counties all went down by 1 each.
Counties on the upswing this week were Blaine, Coal, Ellis, Grady, Kingfisher, Logan, Stephens, and Woods, where all which moved up 1 HZ rig each. McClain County gained 2 HZ rigs.
Check out our proprietary and interactive Rig Count Dashboard.
Compiled and Published by GIB KNIGHT
Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.