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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. Rig Count Rises To 7 Month High

The United States saw a seven-site increase in the domestic oil rig count, making this the fourteenth week of no-decline in oil rigs counts, according to the Baker Hughes weekly report on North American drilling activity.

The oil-rig count now stands at 425 rigs, the highest the figure has been in seven months – but still 189 sites lower than it stood one year ago.

Gas rigs increased by four sites, bringing the total to 96 rigs – less than half of the sector’s drilling strength last year.

Zero Hedge noted that the third quarter of 2016 ended with a 29 percent increase in active oil rigs in the United States – the biggest quarterly rise since the fourth quarter of 2009.

Canada saw a massive 24-rig increase this week, most (17) of which came from the country’s gas sector.

New Mexico gained three rigs in its portion of the Permian Basin, and North Dakota gained two. Alaska, Arkansas, Colorado, Louisiana, Oklahoma, Pennsylvania, and West Virginia each got a one-site raise.

Texas lost one rig in Eagle Ford – becoming the only state to see a decrease in active sites this week.

The Williston, Marcellus and Cana Woodford basins each gained two sites, while Arkoma Woodford, DJ-Niobrara, Fayetteville and Granite Wash saw a single-rig increase.

 

(Click to enlarge)

Image source: Zerohedge.com

Brent barrel prices stood at $50.06 at the time of the report’s writing, and West Texas Intermediate traded at $48.09. Following the EIA’s report on Tuesday which reported yet another draw week, West Texas Intermediate traded at $45.23 a barrel while Brent traded at $46.89.

Prices rose by six percent late Wednesday, when OPEC announced it had agreed on the basic outlines of a production freeze agreement amongst its members.

By Zainab Calcuttawala for Oilprice.com

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