The U.S. active oil and gas rig count had a solid gain last week — marking its first two-week increase since Sept. 8 — while the price of oil notably fell and then recovered.
Provided by oilfield services provider Baker Hughes, the combined U.S. rig count increased by eight last week, following a nine-rig gain a week earlier. The count had fallen by 42 over previous five weeks to a six-month low of 898.
The U.S. active oil and gas rig count snapped a five-week losing streak last week by adding nine, while the price of oil held steady overall. Friday's count was up by 327 year-over-year (YoY), or 55.6 percent. The oil rig count stayed at 738 — up 56.7 percent YoY — while the U.S. added eight gas rigs to a count of 177 — up 52.6 percent YoY. The U.S. miscellaneous rig coung remained at zero.
Of last week's combined rig count, Texas added seven, Oklahoma added four and Utah added one. Alaska, Colorado, New Mexico, North Dakota, Oklahoma and Wyoming each lost one.
Canad's combined rig count increased for a third straight week, adding another five to a mark of 208 — up 13.0 percent YoY. Canada added one oil rig and four gas rigs, with its 109 oil rigs up by nine from a year earlier and its 99 gas rigs up by 15.
Canada's combined rig count gained 11 last week after gaining one the week before. The country's total rig count was at 203 as of Friday, up 27 YoY, or 15.3 percent. It added eight oil rigs and four gas rigs, with its 108 oil rigs now up by 19 and its 95 gas rigs up by eight.
Friday's North American combined rig count of 1,123 rose by 13 last week after a 20-rig gain the week before. It was up by 351 YoY, or 45.5 percent.
Oil Price Update
The price of WTI Crude oil had a considerable decrease during the middle of last week before recovering to close the week near where it began. Oil closed Monday at $56.63 on Monday, Nov. 13 and plummeted throughout Tuesday to a low of $54.92. It held near $55 through Thursday, closing Nov. 16 at $55.30 before a rapid gain throughout Friday, closing the work week at $56.80. Oil had slid throughout Monday morning to a mark of $56.17 as of 9:05 a.m. CT.