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Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

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Rig Count Down By Three After Three Week Rally

Rig

The number of active U.S. oil rigs dipped by 7 this week, after increasing by 9 last week, and 3 the week before. Natural gas rigs were up by 4 this week, after gaining one rig the week before.

The total number of U.S. oil rigs in production as of today’s report is 333, with Louisiana and Oklahoma coming in as the biggest losers. Last year, the figure stood at 628.

Crude prices have begun to fall back during the past couple of days, after reaching an 11-month high at over $51 a barrel earlier this week.

U.S. crude prices fell to under $48 a barrel on Friday after news of Britain’s decision to exit the European Union spread. Despite the result of that historical vote, several companies have committed to increasing spending on new drilling ventures for the rest of 2016 and 2017.

Experts cited by CNBC expect rig counts to renormalize to levels from last year as oil prices grow and alleviate the effects of chronically low profits.

"We expect rig counts to keep rising into year-end as prices rise, but the backlog of drilled-but-uncompleted wells (DUCs) could slow the pick-up in drilling as producers potentially look to reduce the backlog of DUCs before adding rigs," researchers at the American bank Citigroup said in a report earlier this week.

The Canadian rig count went up by seven sites on Friday – 59 rigs lower that the number last year.

The U.S. offshore rig count remained stable at 21 once again this week, but year over year, figures show the number down by seven.

By Zainab Calcuttawala for Oilprice.com

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