Last week's active U.S. oil and gas rig count was unchanged, while the price of oil had a solid gain throughout the week.
Friday's combined U.S. oil and gas rig count provided by oilfield services provider Baker Hughes showed that the current mark held steady at 952 — which is up 113.0 percent year-over-year and up 135.6 percent since bottoming out at 404 on May 20 and May 27, 2016. It was the second time in three weeks that the count didn't increase, following 23 straight weeks of gains. The U.S. added an average of 12.3 total rigs during that stretch, but has added just 11 rigs over the past three weeks combined.
Oil rigs comprised 80.4 percent of Friday's total.
The U.S. added two oil rigs last week, moving its current mark to 765. That count has increased in 35 out of the past 37 weeks. Its count is up 114.3 percent year-over-year and up
The U.S. added seven oil rigs last week, moving its current mark to 763. That count has increased in 34 out of the past 36 weeks. Its count is up 114.3 percent year-over-year and up 142.1 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 13 straight months.
The U.S. lost two gas rigs last week, moving its current mark to 187. The active gas rig count is up 110.1 percent year-over-year and up 130.1 percent since bottoming out at 81 on Aug. 5 and Aug. 26, 2016.
The U.S. miscellaneous rig count remained at zero.
Texas added three total rigs last week and Utah added two, while Colorado and North Dakota added one apiece. Alaska, Louisiana and Oklahoma each lost a pair.
Canada rig count returned to growth after having a seven-week gain streak snapped. Last week the country added 16 rigs and moved its current total to 191. It added one oil rig and 15 gas rigs. Its combined count is up 101.1 percent year-over-year, with its 106 oil rigs up by 62 and its 85 gas rigs up by 35.
Friday's North American combined rig count of 1,143 is up by 16 from a week earlier. It is up by 601 year-over-year, or 110.9 percent.
Oil Price Update
After taking a sharp dive in the back half of the first week of the month, last week's WTI Crude oil prices recovered steadily. Oil opened July 10 at $44.35 and closed the next day $1.69 higher, and gained another $1.50 by the close of Friday at $46.54. Oil opened Monday at $46.68 and was at $46.61 as of 8:53 a.m. CT.