The U.S. active oil and gas rig count took another modest dip last week — the latest sign that is has stalled after increasing nearly every week for 13 straight months.
This past Friday's (Aug. 11) combined count showed a decrease for a second straight week, and a third time in four weeks. Overall, it was the fourth non-increase in a five-week span. The combined count had increased for 23 straight weeks until July 3 — at which point the oil rig count had increased in 34 of the 35 previous weeks. The combined count had added 548 rigs since it bottomed out at 404 on May 27, 2016 until this past July 7, with the recent halt starting one week later.
The recent stall isn't seasonal, either, as rig counts increased consistently throughout July-August 2016, as well as in previous years.
Friday's combined U.S. oil and gas rig count provided by oilfield services provider Baker Hughes showed that the current mark declined by five last week to 949 — which is up 97.3 percent year-over-year and up 134.9 percent since bottoming out in May 2016.
Oil rigs comprised 80.9 percent of Friday's total.
The U.S. added three oil rigs last week, moving its current mark to 768. Its count is up 93.9 percent year-over-year and up 143.0 percent since bottoming out at 316 on May 27, 2016.
The U.S. lost eight gas rigs last week, moving its current mark to 181. The active gas rig count is up 118.1 percent year-over-year and up by 123.5 percent since bottoming out at 81 on Aug. 5 and Aug. 26, 2016.
The U.S. miscellaneous rig count remained at zero.
Of last week's combined rig count, California and New Mexico each added one. Texas lost seven and Louisiana lost one.
Canada's combined rig count increased by three last week to a mark of 220. It added three oil rigs, while its gas rigs held steady. Its combined count is up 74.6 percent year-over-year, with its 127 oil rigs up by 62 and its 93 gas rigs up by 33.
Friday's North American combined rig count of 1,169 is down by two from a week earlier. It is up by 562 year-over-year, or 92.6 percent.
Oil Price Update
The price of WTI Crude oil held mostly steady throughout last week and has so far through August. After closing Aug. 4 at $49.58, oil opened Aug. 7 at $49.59. It rose to as high as $50.22 on Thursday before closing Friday at $48.82. Oil opened Monday at $48.79 and was at $48.89 as of 9:20 a.m. CT.