U.S. Rig Count Snaps Skid As Oil Hovers Near $74

After losing 15 total rigs over the previous three weeks, the U.S. rig count returned to growth this past week, while the price of oil held steady near $74.

Friday's rig count showed the U.S. added five total rigs, following losses of five, seven and three. Friday's count of 1,052 was up 100 year-over-year (YoY), or 10.5 percent. Data from oilfield services provider Baker Hughes shows the U.S. added five oil rigs and its gas rigs were unchanged, with its oil rig count of 863 now up 100 YoY (+13.1 percent) and its gas rig count of 187 down by two (-1.1 percent). The U.S. miscellaneous rig count remained at two.

Year-to-date, the U.S. combined rig count is up 123 through 27 weeks of 2018, which has included 19 weekly gains, seven decreases and one hold.

Of last week's combined rig count, New Mexico added four, North Dakota added three and Louisiana added two, while Oklahoma and Wyoming each added one. Texas lost four, Alaska and Utah each lost a pair, while Colorado lost one.

Below is the daily U.S. rig count provided by Drillinginfo on its DailyRigcount.com:

Canada/North America

Canada's seasonal rig count gain continued last week, with it adding 10 rigs. Its count rose to 182, more than double from when it bottomed out at 79 on May 11. Friday's mark was up seven YoY (+4.0 percent). Canada added nine oil rigs and one gas rig, with its 126 oil rigs now up by 21 YoY and its 56 gas rigs down by 14.

Friday's North American combined rig count of 1,234 increased by 15 from a week earlier and was up by 107 YoY, or 9.5 percent.

Oil Price Update

The price of oil gained about $6 the last week of June to above the $74 mark following OPEC's production increase announcement, and it held mostly steady throughout the 4th of July holiday week. Oil opened Monday, July 2 at $73.26 and reached as high as $75.15 that Tuesday morning — its highest mark since the start of December 2014. Oil dipped below $73 briefly later that morning, but rebounded to close Tuesday at $74.61. It held near there throughout Wednesday before again falling below $73 Thursday afternoon and as low as $72.26 Friday morning, but rebounded to close Friday at $73.96. Oil gained a bit over the weekend and opened Monday at $74.06 and was at $73.67 as of 8:50 a.m. CT.

More in Economy