U.S. Rig Count Continues Climb Toward 1,000; Oil Price Slides Further

The U.S. oil rig count has growth steadily for 13 months, including another 11 added last week, though the price of oil fell even closer to the $40 mark.

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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 continued to slide.

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 941 β€” up eight from a week earlier, up 123.5 percent year-over-year and up 132.9 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 23rd straight week the combined count has increased. Oil rigs comprised 80.6 percent of Friday's total.

The U.S. added 11 oil rigs last week, pushing its current mark to 758. It's that count's highest mark since April 10, 2015 (760). It was the 23rd straight week the oil rig count has grown, and the 33rd week in the past 34. The 758 figure is up 129.7 percent year-over-year and up 139.9 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 13 months.

The U.S. lost three gas rigs last week, moving its current mark to 183. The active gas rig count is up 103.3 percent year-over-year and up 125.9 percent since bottoming out at 81 on Aug. 5 and Aug. 26, 2016.

The U.S. miscellaneous rig count remained at zero.

Oklahoma led last week's overall U.S. rig count gain, adding five and moving its current total to 132 β€” up 144.4 percent year-over-year. North Dakota added three and Louisiana added two, while California and Colorado added one apiece. Alaska lost a pair, while New Mexico and Utah each lost one.

Canada/North America

Canada continued its seasonal rig count recovery last week, adding 11 rigs overall and moving its current total to 170. Canada added seven oil rigs and four gas rigs. Its combined count is up 123.7 percent year-over-year, with its 98 oil rigs up by 62 and its 72 gas rigs up by 33.

Friday's North American combined rig count of 1,111 is up by 19 from a week earlier. It is up by 614 year-over-year, or 123.5 percent.

Oil Price Update

WTI Crude Oil prices continued their month-long decline througout last week, opening June 12 at $44.89 and falling as low as $42.05 two days later before rallying to $43.01 at the close of Friday. Oil opened Monday at $43.16 and was at $43.13 as of 9 a.m. CT.

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