U.S. Rig Count Falls For Third Straight Week, Oil Rallies Friday

The active U.S. oil and gas rig count slid last week once again — further evidence that the count has advanced from a stall to a slow decline.

Id 27806 Oil2

The active U.S. oil and gas rig count slid last week once again — further evidence that the count has advanced from stalled to a slow decline.

Friday's (Aug. 18) combined rig count showed a decrease for a third straight week, marking its fifth non-increase in a six-week span. Before that, the count had increased nearly every week for 13 straight months.

Friday's combined U.S. oil and gas rig count provided by oilfield services provider Baker Hughes showed that the current mark declined by three last week to 946 — which is up 92.7 percent year-over-year and up 134.2 percent since bottoming out at 404 in May 2016.

Oil rigs comprised 80.7 percent of Friday's total.

The U.S. lost five oil rigs last week, moving its current mark to 763. Its count is up 87.9 percent year-over-year and up 141.5 percent since bottoming out at 316 on May 27, 2016.

The U.S. added one gas rig last week, moving its current mark to 182. The active gas rig count is up 119.3 percent year-over-year and up by 124.7 percent since bottoming out at 81 on Aug. 5 and Aug. 26, 2016.

The U.S. miscellaneous rig count also increased by one, from zero.

Of last week's combined rig count, California added two and New Mexico added one. North Dakota lost a pair, while Alaska, Louisiana, Oklahoma and Utah each lost one.

Canada/North America

Canada's combined rig count slid by six last week to a mark of 214. It lost six oil rigs, while its gas rigs held steady. Its combined count is up 76.9 percent year-over-year, with its 121 oil rigs up by 56 and its 93 gas rigs up by 37.

Friday's North American combined rig count of 1,160 is down by nine from a week earlier. It is up by 548 year-over-year, or 89.5 percent.

Oil Price Update

The price of WTI Crude oil held declined throughout most of last week before a considerable rally on Friday. After closing Aug. 11 at $48.82, oil opened last Monday (Aug. 14) at $48.79. It dropped $1.20 that day and slid to as low as $46.46 on Thursday before rallying nealry $2 on Friday to a close of $48.51.

More in Economy