The Rig Count UP Trend Continues
The total number of active oil and gas rigs in the United States is now 741, which is 200 rigs above the rig count a year ago. The number of oil rigs went up from 583 last week to 591 this week, the highest since October 23, 2015. Oil rigs have increased by 114 since the OPEC agreement was announced on November 30.
Rising US production now threatens to undermine efforts by the Organization of Petroleum Exporting Countries (OPEC) and some non-members to reduce the global oversupply of oil. The International Energy Agency said Friday that OPEC has achieved a record 90% compliance with its agreement last November to cut production. Some producers, notably Saudi Arabia, are appearing to cut by more than required.
Oil & Gas Prices – Close of Friday, February 10th
With OPEC following through on plans to reduce production and the global oil glut, oil has settled into a range trading above $50. This week the benchmark WTI crude settled at $53.86, while Brent crude futures were $56.70,
Natural gas for March delivery closed the week at $3.03 per million BTUs, down only 2 cents on the near-month contract compared with the prior week.
The rig count in Oklahoma is unchanged at 102. The top 3 counties remain Blaine (24), Grady (14) and Kingfisher (11) Counties with double-digit rig counts.
Check out our proprietary and interactive Rig Count Dashboard.
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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. ☞Email:email@example.com