Permian, overall US rig counts each up 7
US oil-directed rigs also rose for a 16th consecutive week, gaining 6 units to 703, up 387 units since May 27, and their highest point since Apr. 24, 2015. Gas-directed rigs tallied 2 units to 173, up 92 units since Aug. 26. The count of rigs unclassified fell to 1 this week.
Texas posted a 6-unit increase this week to 443, up 269 units since last May 20-27. The Permian gained 7 units to 349, up 215 units since last May 13. Louisiana climbed 4 units to 62. The Haynesville went up a unit to 39, up 26 units since Sept. 30.
Wyoming and Alaska each rose 2 units to 22 and 8, respectively. New Mexico and Colorado each edged up a unit to 56 and 30, respectively. New Mexico is now up 43 units since Mar. 18, 2016.
North Dakota, Pennsylvania, West Virginia each dropped a unit to 43, 33, and 11, respectively. The Marcellus lost 3 units to 43, still up 22 units since Aug. 12. The Williston decreased 1 unit to 43, still up 21 units since May 27-June 3.
US crude settles at $46.22, ending the week 6.3% lower after sharp sell-off.
West Texas Intermediate crude oil futures, the US benchmark, fell below its 200-day moving average — a signal to technical traders that the upward trend may have reversed. That prompted more selling.
Additionally, oil watchers remained concerned about the high level of inventories and the resurgence of shale-oil production weeks before OPEC decides whether to extend its deal to cut production.
OKLAHOMA SUMMARY – 120 Rigs – Minus 7
After hitting its highest point in 2 years last week, Oklahoma fell 7 units this week to 120, still up 66 since June 24. The Cana Woodford fell 4 units to 51, still up 27 since June 24. The Arkoma Woodford and Ardmore Woodford each declined 1 unit to 9 and 1, respectively. The Mississippian also decreased a unit and now totals 7.
The state has 2 directional rigs, 117 HZ rigs and 1 vertical rig drilling.
By county, 3 counties currently have double-digit HZ rigs running, Blaine (20), Grady (14), and Kingfisher (19).
Canadian and Blaine Counties lost 2 HZ rigs this week, while Coal, Garfield, Johnston and Roger Mills Counties all went down by 1 HZ rig each.
Counties on the upswing this week were Major and Washita, which moved up 1 HZ rig each.
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.