Snapshot: US Rig Count – Slowing Down?
Benchmark U.S. crude fell 88 cents to $43.03 a barrel. Brent crude fell 82 cents to $45.77 a barrel. Wholesale gasoline rose 3 cents to $1.46 a gallon and natural gas rose 2 cents to $2.948 per Mcf.
With worries over inventory and supply levels influencing lower oil prices, the number of rigs drilling for oil in the U.S. climbed two in the past week to 416, continuing a trend of increases and adding pressure to future oil price concerns. The nation’s gas rig count fell by 3 to 89 in the past week. The total rig count declined by two this week to 506, while a year ago, 842 rigs were active.
Among major oil- and gas-producing states, Oklahoma gained three rigs and North Dakota and Texas fell by one each. Arkansas, California, Colorado, Kansas, New Mexico, Ohio, Pennsylvania, Utah, West Virginia and Wyoming were unchanged.
We added 3 rigs for the week and the STACK dominates again with Kingfisher (13), Blaine (11) and Canadian (8) leading the pack in the rigs per county category.
The top 6 counties from this weeks Oklahoma rig count also sit atop the YTD data, accounting for 65% of the total rig count in the state for 2016.
All of the data used in this report is sourced from Baker Hughes (BHI)