U.S. Rig Count Up Another 5 Last Week; Oil Price At 18-Month High

The year-over-year gap in the U.S. active oil and gas rig count continues to close, while the price of Brent Crude oil has now climbed nearly 26 percent since Nov. 14.

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The active U.S. oil and gas rig count continued its climb last week, adding another five total rigs.

Oilfield services company Baker Hughes' Friday report showed that U.S. oil rig count added two, while the active gas rig count added three. The combined rig count of 658 (including one labeled miscellaneous) is down 40 from a year earlier, an improvement from being down 72 two weeks earlier. That 658 count has steadily risen 62.9 percent since bottoming out at 404 this past May.

Friday's U.S. oil rig count of 525 is down 11 from a year earlier, while the gas rig count of 129 is down 30.

Texas added three rigs last week. Oklahoma added two, while New Mexico and North Dakota each added one. Kansas lost one.

Canada had a considerable rig decline last week, with its combined count of 157 down 67 from the week before. Its current count is still up 74 from a year ago. Canada lost 54 oil rigs and 13 gas rigs. Its oil rig count is up 40 from a year ago, while gas rigs are up 29.

Price Update

The price of Brent Crude oil jumped more than 2 percent Tuesday to a high of $58.37, its highest mark since July 2015. That price eased to $58.20 by 8:45 CT Tuesday. That price has climbed 25.7 percent since checking in at $46.29 on Nov. 14.

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