Snapshot: US Rig Count – CLIMBING +11
November West Texas Intermediate crude CLX16, tacked on 41 cents, or 0.9%, to settle at $48.24 a barrel on the New York Mercantile Exchange. For the front-month contracts, prices fell nearly 0.2% for the quarter but gained roughly 7.9% for the month.
WTI oil futures have risen more than 7% over the past two sessions after OPEC caught the market off guard by reaching to a preliminary pact to slash the group’s output between 32.5 million barrels a day and 33 million barrels a day, down from the levels of 33.2 million barrels a day in August.
Rig Count Summary – Oil +7, Gas +4
Houston oilfield services company Baker Hughes Inc. said Friday that 425 rigs sought oil and 96 explored for natural gas this week. One was listed as miscellaneous.
Among major oil- and gas-producing states, New Mexico gained three rigs and North Dakota was up two. Alaska, Arkansas, Colorado, Louisiana, Oklahoma, Pennsylvania and West Virginia increased by one apiece. Texas declined by one rig.
U.S. oil drilling has seen its best quarter since crude prices tumbled two years ago mainly due to small operators returning to the well pad. The number of rigs had plunged from a record high of 1,609 in October 2014 to a low of 316 in May after crude prices collapsed in the biggest price rout in a generation, in part due to U.S. shale producers adding to a global oil glut.
Here is a look at the Top 10 States by Week for YTD. The top 3 states are Texas,Oklahoma, and Louisiana.
Oklahoma Summary – Weekly Rig Count for September 30th.
68 Rigs – Up 1 from last week. The STACK and SCOOP continue to dominate with the majority of the rigs located in Blaine, Kingfisher, Grady and Canadian Counties.
All of the data used in this report is sourced from Baker Hughes (BHI)