U.S. Oil Rig Count Down For First Time In 12 Weeks

The active U.S. oil rig count snapped an 11-week streak of gains in the latest weekly report from Baker Hughes, though the count is still expected to resume an overall rise.

The active U.S. oil rig count decreased on Friday, snapping an 11-week streak of gains.

Oilfield services company Baker Hughes' Friday report showed that the U.S. lost seven oil rigs this past week to a count of 522, down 11 from a year earlier. The decline comes after last week's gain pushed the oil rig count to a one-year high. That 522 figure is up seven year-over-year and up 65.2 percent since bottoming out at 316 in May 2016, but still well below 2014 figures when that number was consistently above 1,500.

The U.S. gained one gas rig to a count of 136, marking 10 straight weeks of gas rig gains.

The combined active oil and gas rig count of 659 (including one labeled miscellaneous) is nine rigs ahead of a year earlier and a 63.1 percent increase since bottoming out at 404 in May 2016.

Despite the oil rig decrease, oilprice.com said the count is still expected to increase overall as long as OPEC follows through with its promise to make good on the production cut deal reached in November.

Oklahoma and Texas each lost two rigs overall, while Colorado, North Dakota, Ohio and Pennsylvania each lost one. Wyoming gained two and Louisiana gained one.

Canada had a bounce-back rig count Friday, gaining a combined 110 rigs after losing 67 last week. It gained 89 oil rigs and 21 gas, pushing its respective counts to 110 and 117. It also gained one miscellaneous rig. Canada's combined rig count of 315 is up 88 year-over-year.

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