The U.S. Added Another 11 Total Rigs Last Week While Oil Prices Slid Further

The U.S. and Canada rig counts each posted solid gains last week, while the price of WTI Crude oil fell more than $2 per barrel into the mid-50s.

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The U.S. active oil and gas rig count continued its long-standing gain last week, while the price of oil declined further.

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 927 β€” up 11 from a week earlier, up 123.9 percent year-over-year and up 127.0 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 21st straight week the combined count had increased. Oil rigs comprised 79.9 percent of Friday's total.

The U.S. added eight oil rigs last week, pushing its current mark to 741. It's that count's highest mark since April 10, 2015 (760). It was the 21st straight week the oil rig count has grown, and the 31st week in the past 32. The 741 figure is up 125.9 percent year-over-year and up 134.5 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. added three gas rigs last week, moving its current mark to 185. The active gas rig count is up 117.6 percent year-over-year and up 128.4 percent since bottoming out at 81 on Aug. 5 and Aug. 26, 2016.

The U.S. also has one rig labeled miscellaneous β€” the same as the week before.

Oklahoma led last week's overall U.S. rig count gain, adding five and moving its current total of 131 β€” up 125.9 percent year-over-year. New Mexico added four, Ohio and West Virginia each added two, while Louisiana, Pennsyvania, Utah and Wyoming each added one. Texas lost three, Alaska lost two and Colorado lost one.

Canada/North America

Canada continued its seasonal rig count recovery last week in strong fashion, adding 33 overall and moving its current total of 132. Canada added 23 oil rigs and 10 gas rigs. Its combined count is up 103.5 percent year-over-year, with its 74 oil rigs up by 45 and its 58 gas rigs up by 22.

Friday's North American combined rig count of 1,059 is up by 44 from a week earlier. It is up by 580 year-over-year, or 121.1 percent.

Oil Price Update

WTI oil prices declined throughout most of last week, opening June 5 at $47.71 and growing to as high as $48.42 that day before falling more than $3 to $45.20 three days later and eventually closing Friday at $45.83. Oil opened Monday morning at $45.80 and was at $46.476 as of 8:46 a.m. CT.

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