The U.S. active rig count had a sizable gain last week, while the price of oil spiked to its highest mark since November 2014.
Following a sluggish previous five weeks, the combined U.S. oil and gas rig count jumped by 15, marking its biggest single-week gain since adding the week of May 19, 2017 and the biggest one-week change overall since this past Oct. 20 (-15). In the previous five weeks, the count hadn't changed by more than five at a time.
The total U.S. rig count improved to 939, which is up 280 year-over-year (YoY), or 42.5 percent.
The U.S. added 10 oil rigs last week, moving its mark to 752. That is up 230 YoY, or 44.1 percent. The U.S. added five oil rigs, with its count of 187 now up 51 YoY, or 37.5 percent. The U.S. miscellaneous rig count remained at zero.
Of last week's combined rig count — provided by oilfield services provider Baker Hughes — Louisiana and New Mexico each added five, Oklahoma added three, Colorado added two and Alaska and Utah added one apiece, while Texas lost two.
Canada's rig count is back on its seasonal trend, adding 102 rigs last week after gaining 38 the week before. Adding 140 rigs since the Dec. 29 count, that change is in-line with the 158 rigs Canada added in the first two weeks of 2017.
Canada's combined rig count surged to 276, which is down by 39 YoY, or 12.4 percent. Canada gained 87 oil rigs and 15 gas rigs last week, with its oil rig count of 185 now up by 15 YoY and its gas rig count of 91 down by 53.
Friday's North American combined rig count of 1,215 increased by 117 from a week earlier and is now up by 241 YoY, or 24.7 percent.
Oil Price Update
The price of WTI Crude oil is off to a roaring start for 2017. After gaining $1.54 last week, oil gained more than $3 since the market close of Jan. 5, moving its price to $64.62 as of 9 a.m. CT Monday morning. That is its highest mark since November of 2014. Oil opened Monday, Jan. 8 at $61.53, improved $1.27 that day, held steady throughout Wednesday and moved as high as $64.52 on Thursday. Oil closed Friday at $64.41 and opened Monday, Jan. 15 at $64.50.