After falling for the first time this year last week, Baker Hughes reports US oil rig count rose once again for the 23rd week in the last 24.
*U.S. TOTAL RIG COUNT UP 12 TO 952
*U.S. OIL RIG COUNT UP 7 TO 763
*U.S. GAS RIG COUNT UP 5 TO 189
Among major oil- and gas-producing states, Oklahoma and Alaska each gained four rigs. Louisiana and Texas were up two apiece.
New Mexico and Utah each declined by one and the rest were unchanged. U.S. West Texas Intermediate (WTI) crude futures ended Friday’s session down $1.29, or 2.8 percent, to $44.23 per barrel.
After rising earlier in the week, U.S. crude ended the week down nearly 4 percent, a sixth weekly decline in the past seven.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
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.