U.S. Rig Count Rebounds With Modest Gain

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One week after posting its largest loss since early November 2017, Friday's U.S. rig count bounced back with a modest gain while the price of oil had an overall gain following a rough start.

Friday's count showed that the U.S. gained three rigs, moving the active mark to 1,048. That figure is up 90 year-over-year (YoY), or 9.4 percent. Data from oilfield services provider Baker Hughes shows the U.S. gained three oil rigs and lost one oil rig, with its oil rig count of 861 now up by 95 YoY (+12.4 percent) and its gas rig count of 186 down by six (-3.1 percent). The U.S. miscellaneous rig count remained at one.

Year-to-date, the U.S. combined rig count is up 120 through 30 weeks of 2018, which has included 21 weekly gains, eight decreases and one hold.

Of last week's combined rig count, Pennsylvania added two, while Alaska, Kansas, New Mexico, North Dakota, Texas and West Virginia each added one. Louisiana lost four, while Ohio and Oklahoma lost one apiece.

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 12 rigs. Its count rose to 223, which is up by three YoY (+1.4 percent) and up 144 since bottoming out at 79 on May 11. All 12 added rigs were in oil, with Canada's rig count gain increasing to 154 and up 25 YoY, while its 69 gas rigs are down by 22.

Friday's North American combined rig count of 1,271 increased by 14 from a week earlier and was up by 93 YoY, or 8.0 percent.

Oil Price Update

The price of oil had a volatile week, but ended it 54 cents higher than it started. Oil opened Monday, July 23 at $68.15 and quickly topped $69 that morning, but fell just as fast to as low as $67.63 by mid-day. Oil recovered Tuesday and held around high $68, climbed almost another dollar on Wednesday and reached a week-high of $69.88 late Thursday morning. Oil was still at $69.72 mid-Friday morning before falling to a close of $68.69.

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