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Oil prices recovered somewhat on…

Oil Rig Count Climbs For 12th Week In A Row

Oil Rigs

This week’s Baker Hughes report showed a two-site increase in the United States oil rig count, marking 12 straight weeks of no-decline in drilling activity.

The current oil rig count – at 416 rigs – is at a seven-month peak.

Zero Hedge noted a negligible change in crude oil prices following the release of the report.

The gas rig count declined by three rigs, and one miscellaneous rig went offline during the last week as well.

State-wise, Oklahoma gained three rigs, while Alaska added one rig. Louisiana, North Dakota and Texas each lost one or two rigs each.

The Arkoma Woodford, Cana Woodford, DJ-Niobrara, and Permian Basins each gained one or two rigs. Barnett, Haynesville and Williston lost one or two per formation.

The oil and gas rig count increased by eleven sites last week.

The domestic oil rig count now stands at 416; this time last year, 644 oil rigs were active. The depleted gas count tells the same story; currently 89 gas rigs are in production, which is less than half of the amount of gas rigs active at the same time last year.

Brent barrel prices stood at $45.78 at the time of the report’s writing, and West Texas Intermediate traded at $42.98—a fall from Wednesday’s price after EIA inventory data revealed a 600,000 barrel draw. Following the EIA’s report, West Texas Intermediate traded at $45.02 a barrel while Brent traded at $47.19.

By Zainab Calcuttawala for Oilprice.com

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