The total active U.S. rig count, which includes oil and natural-gas rigs, fell by 8 to 936, according to Baker Hughes. Although the number of oil rigs are still up significantly year on year, the increases slowed in the second quarter, and have reversed in the third. The first quarter 2017 saw 137 oil rigs added in the United States, while the second quarter 2017 saw 97 rigs added. Whereas, in the third quarter for which there are still two weeks to go, the total number of rigs has decreased by 7.
Meanwhile, oil prices, down slightly Friday, have rallied to nearly $50 per barrel over the past week.
Baker Hughes rig count is now up 430 rigs since this time in 2016, with oil rigs up 333, natural gas rigs up 97 and miscellaneous rigs flat.
*U.S. TOTAL RIG COUNT DOWN 8 AT 936
*U.S. OIL RIG COUNT DOWN 7 AT 749
*U.S. GAS RIG COUNT DOWN 1 TO 186
Among major oil- and gas-producing states, West Virginia added one rig. Louisiana and Texas each lost three rigs. Colorado, New Mexico and North Dakota each shed one. The 5 most active counties in Oklahoma with rigs running, are Blaine (21), Kingfisher (17), Grady (17), Canadian (13) & Dewey (11).
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.