U.S. Combined Rig Count Tops 750 As Oil Hovers Near $56

The total U.S. active rig count grew by another 10 last week, with gains in both the oil and gas rig counts to a combined total now at 751. That's up 46.1 percent from a year earlier, and up 85.9 percent since bottoming out at 404 in May 2016.

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The total U.S. active rig count grew by another 10 last week, with gains in both the oil and gas rig counts to a combined total now at 751. That's up 46.1 percent from a year earlier, and up 85.9 percent since bottoming out at 404 in May 2016.

Friday's rig count from oilfield services provider Baker Hughes showed that the U.S. added six oil rigs to a count of 597, up 44.6 percent year-over-year, and up 88.9 percent since bottoming out at 316 last May. That 597 figure is still well short of the 1,600 mark it checked in at on Oct. 10, 2014, but has grown steadily for eight months. The number of active oil rigs in the U.S. is now the highest since Oct. 9, 2015. Friday marked the fifth straight week of oil rig gains.

The U.S. added four gas rigs last week, the 14th week of gains in the past 15. The active gas rig count of 153 is 52 ahead of a year earlier, or up 51.2 percent.

U.S. miscellaneous rigs were unchanged at one.

Texas dominated the rig count gains last week, adding 16 to a total of 378. That figure is up 60.2 percent year-over-year. Utah added one rig, Louisiana lost three, New Mecico lost two, while Alaska and North Dakota each lost one.

Canada lost 21 rigs total last week, losing 13 oil and eight gas. Its cominbed count of 331 is up 125 year-over-year, or 60.7 percent, with its 194 oil rigs up by 85 and its 137 gas rigs up by 40.

Friday's combined North American rig count of 1,082 was down 11 from a week earlier. It is up 362 year-over-year, or 50.3 percent.

Oil Price Update

U.S. Brent crude oil prices heald steady throughout last week, opening Feb. 13 at $56.68 and closing Friday at $55.81. Oil was at $56.22 as of 9:25 CT Monday morning.

Oil has closed at between $54.26 and $57.49 since Dec. 1, showing signs of steadiness over the last 11 weeks.

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