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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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U.S. Oil Rig Count Hits 2 Year High

This week’s Baker Hughes rig count has oil rigs up by 11, with a majority of the growth occurring in the Permian Basin in Texas and New Mexico.

The number of active oil rigs in the United States now stands at 683 – 332 rigs higher than the figure one year ago. The last time oil rigs were this high in number was in April 2015.

Gas rigs declined this week by 3—after five consecutive weeks of growth—bringing the total oil and gas rig count to 847, or 407 more than a year ago today. This week marks the thirteenth straight week of increases to the oil and gas rig count.

Both benchmarks were trading down on the day an hour after data release, with WTI trading down 14 cents at $52.97, and Brent trading down 23 cents at $55.63.

State-wise, New Mexican drilling activity grew by seven rigs, Oklahoma by three rigs and Texas, by two rigs. Alaska and Louisiana lost two sites each.

The Permian Basin saw eight rigs come online, right after a 12-site jump last week. The Permian, the most prolific basin by far, now boasts 339 total rigs, which is 198 more than the 141 rigs in that basin a year ago, dwarfing runner up Eagle Ford’s 75 rigs, which holds 33 more active rigs than a year ago.

Eagle Ford and Cana Woodford gained three and two rigs, respectively. DJ-Niobrara, Utica and Williston all gained a single rig, each, while Haynesville and Granite Wash lost the same number.

Canada’s oil rig count was down by two, while gas rigs in Canada fell 12. Canada’s total oil and gas rig count now stands at 118, which is 78 more rigs than a year ago.

By Zainab Calcuttawala for Oilprice.com

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