U.S. Rig Count Ticks Up As Oil Falls Under $45

The U.S. active oil and gas rig count continued its long-standing gain last week with a modest increase, while the price of WTI Crude oil fell below $45 for the first time since early May.

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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 933 β€” up six from a week earlier, up 120.0 percent year-over-year and up 130.9 percent since bottoming out at 404 on May 20 and May 27, 2016. It's the highest combined count since April 17, 2015 (954). It was the 22nd straight week the combined count had increased. Oil rigs comprised 80.1 percent of Friday's total.

The U.S. added six oil rigs last week, pushing its current mark to 747. It's that count's highest mark since April 10, 2015 (760). It was the 22nd straight week the oil rig count has grown, and the 32nd week in the past 33. The 747 figure is up 121.7 percent year-over-year and up 136.4 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 one gas rig last week, moving its current mark to 186. The active gas rig count is up 116.3 percent year-over-year and up 129.6 percent since bottoming out at 81 on Aug. 5 and Aug. 26, 2016.

The U.S. lost one miscellaneous rig last week, bringing its total to zero.

North Dakota led last week's overall U.S. rig count gain, adding three and moving its current total to 49 β€” up 104.2 percent year-over-year. Alaska, Colorado and New Mexico each added a pair, while California and Louisiana added one apiece. Oklahoma lost four and Wyoming lost one.

Canada/North America

Canada continued its seasonal rig count recovery last week in strong fashion, adding 27 overall and moving its current total to 159. Canada added 17 oil rigs and 10 gas rigs. Its combined count is up 130.4 percent year-over-year, with its 91 oil rigs up by 63 and its 68 gas rigs up by 28.

Friday's North American combined rig count of 1,092 is up by 33 from a week earlier. It is up by 599 year-over-year, or 121.5 percent.

Oil Price Update

WTI Crude Oil prices continued their nearly month-long decline througout last week, opening June 12 at $45.80 and peaking at $46.71 that same day before falling to as low as $44.22 two days later. Oil closed Friday at $44.74 and opened Monday at $44.68. Oil was at $44.95 as of 9:43 a.m. CT.

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