U.S. Oil Rig Count Falls For First Time In 4 Months; Price Slips Under $50

After gaining 11 rigs last week, the U.S. active oil rig count dipped by two this week, its first decline since the week of June 24. Meanwhile, the U.S. gained six gas rigs.

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The U.S. active oil rig count fell this week for the first time in four months, dipping by two to 441, according to oilfield services company Baker Hughes. It was the first time the count has dropped since the week of June 24. That count rose by 11 last week. One year ago, the active U.S. oil rig count was 578.

The U.S. active gas rig count rose by six this week to 108, down from 197 a year earlier.

Rigs labeled miscellaneous remained at two, making the combined U.S. rig count 557 (+4 from last week). One year ago, 775 total rigs were active. 

While the year-over-year total rig count is down by 28.1 percent, the count has climbed by 37.9 percent since bottoming out at 404 this past May. Looking at oil specifically, its rig count is down by 23.7 percent from this point last year.

Among top oil-and-gas producing states, North Dakota gained five rigs overall, Pennslyvania and Texas each gained two and Wyoming gained one. Colorado lost three and New Mexico lost two.

Canada gained 10 total rigs this week, with its overall count rising to 191. It gained four oil rigs, five gas rigs and one miscellaneous. The country's active rigs are split at 73 for oil and 79 for gas. One year ago, those counts were 84 for oil and 107 for gas.

Oil Price Update

The price of WTI Crude Oil ended Friday at $49.19 per barrel, down $2.62 from a four-month high of $51.82 on Oct. 19.

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