Drillers added eight rigs to the U.S. oil patch this week as companies continue to expand operations despite the volatility in oil prices.
*U.S. TOTAL RIG COUNT UP 8 AT 958
*U.S. OIL RIG COUNT PLUS 2 TO 766
*U.S. GAS RIG COUNT PLUS 6 TO 192
Among major oil- and gas-producing states, New Mexico gained four rigs, Oklahoma increased by three and Louisiana, Ohio, West Virginia and Wyoming each gained one.
Texas lost one.
The 5 most active counties in Oklahoma with rigs running, are Grady (20), Kingfisher (20), Blaine (19), Canadian (12), and Dewey 11).
The Permian Basin jumped up five more rigs. Other gains appeared in the Cana Woodford, where the count increased by four to 63. Other basins putting more rigs to work this week included the: Barnett, Granite Wash, Marcellus, Mississippian, and Utica. Each added one rig, while the D-J-Niobrara Basin dropped one rig this week.
Oil prices edged higher on Friday, reaching new two-month highs and posting the strongest weekly percentage gains this year as investors digested signs of an easing oversupply. U.S. West Texas Intermediate (WTI) crude futures ended Friday’s session up 67 cents to $49.71. It surged 8.6 percent on the week.
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.