The U.S. active oil and gas rig count continued its long-standing gain last week, while the price of oil steadily declined.
Friday's combined U.S. oil and gas rig count provided by oilfield services provider Baker Hughes showed that the current mark is now at 916 — up eight from a week earlier, up 124.5 percent year-over-year and up 124.8 percent since bottoming out at 404 on May 20 and May 27, 2016. It's the highest combined count since April 24, 2015 (932). It was the 20th straight week the combined count had increased. Oil rigs comprised 80.0 percent of the total.
The U.S. added 11 oil rigs last week, pushing its current mark to 733. It's that count's highest mark since April 17, 2015 (734). It was the 20th straight week the oil rig count has grown, and the 30th week in the past 31. The 733 figure is up 125.5 percent year-over-year and up 132.0 percent since bottoming out at 316 on May 27, 2016.
The current oil rig total is still less than half the 1,600 mark it checked in at on Oct. 10, 2014, but has grown steadily for more than 12 months.
The U.S. lost three gas rigs last week, snapping two straight weeks of gains and moving its current mark to 182. The active gas rig count is up 122.0 percent year-over-year and up 124.7 percent since bottoming out at 81 on Aug. 5 and Aug. 26, 2016.
The U.S. also has one rig labeled miscellaneous — the same as the week before.
Texas led last week's overall U.S. rig count gain, adding five to a current total of 463 — up 163.1 percent year-over-year. Oklahoma added three, while Colorado, North Dakota and Ohio each added one. Pennsylvania and New Mexico each lost a pair and Louisiana lost one.
Canada continued its seasonal rig count recovery last week, adding six to a current total of 99. Canada added 11 oil rigs and lost five gas rigs. Its combined count is up 141.5 percent year-over-year, with its 51 oil rigs up by 38 and its 48 gas rigs up by 20.
Friday's North American combined rig count of 1,015 is up by 14 from a week earlier. It is up by 566 year-over-year, or
Friday's North American combined rig count of 1,001 is by by 15 from a week earlier. It is up 554 year-over-year, or 126.1 percent.
Oil Price Update
WTI oil prices declined throughout last week, opening May 30 at $49.93 and fell to as low as $46.74 before recovering to $47.66 by Friday's close. Oil opened Monday morning at $47.72 and was at $47.24 as of 9:24 a.m. CT.