U.S. Oil Rig Count Reaches 1-Year High

Last week marked the 11th straight week of active U.S. oil rig increases, and the ninth straight for gas rigs.

The active U.S. oil and gas rig count continued their gains last week, with the oil rig count reaching its highest mark in a year.

Oilfield services provider Baker Hughes reports the U.S. gained seven total rigs through Friday, adding four oil and three gas. It marked the 11 straight week of oil rig increases, while gas rigs have gained for nine straight weeks.

Last week brought the combined rig count total to 665, one ahead of the same point a year earlier. That figure has climbed 64.6 percent since bottoming out at 404 last May.

There were 529 active oil rigs through Friday, 13 more than a year earlier and a 67.4 percent climb since bottoming out at 316 last May. The gas rig count of 135 is down 13 from a year earlier.

Of last week's overall seven-rig gain, Texas and New Mexico each added three, Louisiana added two, while Colorado, Ohio and Pennsylvania added one apiece. Wyoming lost two and Alaska lost one.

Canada's overall rig count increased by 48 last week. It added 29 oil rigs and 23 gas rigs and lost four miscellaneous rigs. It's total count of 205 is up 39 from a year ago, with oil up 10 and gas up 28.

Price Update

The price of Brent Crude oil held steady during the first week of the year, closing Friday at $57.10. It closed at $56.82 on Dec. 30 and dipped to $55.46 last Tuesday and Wednesday before rallying Thursday and Friday. Oil checked in at $55.84 as of 8:50 a.m. CT on Monday.

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