U.S. Oil Rig Count Now Above 600, Up 50% Year-Over-Year

The active U.S. oil rig count increased for the sixth straight week, and the 16th week in the past 17. Its current count is up more than 90 percent since bottoming out in May 2016.

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The U.S. total active rig count made a small gain last week, adding three total. It was the sixth straight week the combined oil and gas rig total has increased. Friday's rig count provided by oilfield services provider Baker Hughes, checked in at 754 β€” its highest since Nov. 20, 2015. The total is up by 50.2 percent from a year earlier, and up 86.6 percent since bottoming out at 404 in May 2016.

The U.S. added five oil rigs last week, pushing its current mark to 602. It was the sixth straight week that the oil rig count has grown, and the 16th week in the past 17. That 602 figure is up 50.5 percent year-over-year, and up 90.5 percent since last May. The current total is still far below the the 1,600 mark it checked in at on Oct. 10, 2014, but has grown steadily for nine months. The number of active oil rigs in the U.S. is now the highest since Oct. 9, 2015.

The U.S. lost two gas rigs last week, marking just the second week of decline in the past 16. The active gas rig count of 151 is up 48 percent from a year earlier, and up 86.4 percent since bottoming out at 81 in August 2016.

U.S. miscellaneous rigs were unchanged at one.

Texas once again dominated the overall rig count gain last week, adding eight to a total of 386. That figure is up 67.1 percent year-over-year. Wyoming added one rig, Alaska and Louisiana each lost two and North Dakota lost one.

Canada gained 10 total rigs last week, adding 12 oil and losing two gas. Its combined count of 341 is up 94.9 percent year-over-year, with its 205 oil rigs up by 125 and its 135 gas rigs up by 43.

Friday's combined North American rig count of 1,095 is up 13 from a week earlier. It is up 418 year-over-year, or 61.7 percent.

Oil Price Update

U.S. Brent crude oil prices continued to hold steady throughout last week, opening Feb. 20 at $55.90 and closing Friday at $55.99. Oil was at $56.38 as of 9:15 CT Monday morning.

Oil has closed at between $54.26 and $57.49 since Dec. 1, showing signs of steadiness over the last 12 weeks.

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