U.S. Rig Count Snaps 4-Week Slide, Harvey Drives Oil Back Above $48

The U.S. combined active rig count posted its first increase Friday for the first time in five weeks, while the impact of Tropical Storm Harvey has driven up the price of WTI crude oil by nearly $3 since Aug. 28.

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The U.S. combined active oil and gas rig count posted its first increase on Friday for the first time in five weeks with a modest gain, while the price of oil jumped essentially $2 from the midpoint of Friday to Tuesday morning.

Friday's count provided by oilfield services provider Baker Hughes (Sept. 1) was up by three, snapping a four-week streak of declines. The count hadn't increased in six of the previous seven weeks. Friday's total of 943 was up by 89.7 percent year-over-year and up 

Friday's count provided by oilfield services provider Baker Hughes showed that the current mark declined by six last week to 940 — which is up 92.2 percent year-over-year and up 133.4 percent since bottoming out at 404 in May 2016.

Oil rigs comprised 80.5 percent of Friday's total.

The U.S. oil rig count held steady last week at 759. Its count is up 86.5 percent year-over-year and up 140.2 percent since bottoming out at 316 on May 27, 2016.

The U.S. added three gas rigs last week, moving its current mark to 183. The active gas rig count is up 108.0 percent year-over-year and up by 125.9 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, New Mexico added three, Alaska added two and Pennsylvania added one. Texas and Wyoming lost one apiece.

Canada/North America

Last week Canada's combined rig count took a sharp decline, losing 16. It was its largest one-week loss since April 21, 2017 (19). Moving to a total of 201, Canada lost 13 oil rigs and three gas rigs. Its combined count is up by 46.7 percent year-over-year, with its 102 oil rigs up by 25 and its 99 gas rigs up by 39.

Friday's North American combined rig count of 1,144 was down by 13 from a week earlier. It is up by 510 year-over-year, or 80.4 percent.

Oil Price Update

The price of WTI Crude oil had considerable fluctuations throughout last week as supply was impacted by Tropical Storm Harvey, which impacted many oil refineries in Houston and greater southeast Texas. After closing Aug. 25 at $47.87, oil opened last week Monday (Aug. 28) at $47.89 and dove $2.74 to $46.15 that day, and to a mark of $45.76 one day later — its lowest mark since July 24. Harvey's impact on the industry began in earnest last Thursday, as oil climbed as high as $47.47 that day before closing the week at $47.29 on Friday. Oil opened Monday at $47.27 and hit $48.70 in the morning hours. It was at $48.56 as of 9 a.m. CT.

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