U.S. Rig Count Gain Streak Snapped; Now Up Only 34% YoY

The U.S. active rig count dipped by one last week, snapping a five-week streak of gains, while Canada's count had a considerable rebound.

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The U.S. active rig count dipped by one last week, snapping a five-week streak of gains.

Friday's combined U.S. oil and gas rig count of 930 — provided by oilfield services provider Baker Hughes — was up 293 year-over-year (YoY), or 34.1 percent.

The U.S. lost four oil rigs last week, moving its count to 747. That count is up 237 YoY, or 46.5 percent. The U.S. gas rig count grew by three to 183 — which is up 57 YoY, or 45.2 percent. The U.S. miscellaneous rig count remained at zero.

Of last week's combined rig count, Pennsylvania added three, while North Dakota and Wyoming added one apiece. New Mexico and Texas each lost a pair and Louisiana lost one.

Canada/North America

After breaking a five-week gain streak a week earlier, Canada's combined rig count rebounded last week with a 19-rig gain. Its count grew to 238 — up 1.7 percent YoY. Canada added 22 oil rigs and lost three gas rigs, with its oil rig count of 134 up by 18 YoY and gas rig count of 104 down by 12.

Friday's North American combined rig count of 1,168 grew by 18 — up by 297 YoY, or 34.1 percent.

Oil Price Update

The price of WTI Crude oil opened and closed last week at near the same mark, absorbing a mid-week slump and recovery. Oil opened Monday, Dec. 11 at $57.18 and grew to as high as $58.51 on Tuesday before a steep fall to just below $57 that same day and closing Tuesday at $57.56. Oil slid further Wednesday and bottomed out Thursday morning at $56.13 before recovering by $1 the rest of the day and ending the workweek Friday at $57.36. Oil opened Monday at $57.61 and was at $57.70 as of 8:32 a.m. CT.

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