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Oil Prices Rally In Spite Of Rising Rig Count

The number of active oil and gas rigs in the United States increased by eight sites this past week, which marked the return of modest growth in American drilling activity, according to Baker Hughes latest report.

ZeroHedge reports that the oil rig count now stands at its highest in seven months.

The natural gas count saw most of the rig gains and rose by seven sites.

The oil count increased by a single rig after last week’s move of zero. Before last week, oil rig activity had been on the rise for eight weeks in a row, making this the tenth straight week without a decline in domestic oil rig counts.

This time last year, 662 oil rigs and 202 natural gas rigs were active in the United States.

State-wise, Louisiana lost seven rigs and Colorado lost one, offset by Oklahoma, Texas and Wyoming who each gained four sites, while North Dakota and West Virginia upped their counts by one each.

Six more rigs in the Permian Basin and Eagle Ford in the South became active this week. The Utica, Williston, and Marcellus formations saw smaller increases of one or two rigs each.

Canada saw a nine-rig decline in Friday’s report, taking a bit away from a 25-rig jump last week. Of the nine lost sites, two drilled gas and seven drilled oil.

By Zainab Calcuttawala for Oilprice.com

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Leave a comment
  • r.j. sigmund on September 03 2016 said:
    one would think with a headline that says "Oil Prices Rally" the article would at least have some note about what those oil prices were and how much they rose, wouldn't one?

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