Rig Count

Rig Count – September 16, 2016

Snapshot: US Rig Count – Slowing Down?

Summary

Benchmark U.S. crude fell 88 cents to $43.03 a barrel. Brent crude fell 82 cents to $45.77 a barrel. Wholesale gasoline rose 3 cents to $1.46 a gallon and natural gas rose 2 cents to $2.948 per Mcf.

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With worries over inventory and supply levels influencing lower oil prices, the number of rigs drilling for oil in the U.S. climbed two in the past week to 416, continuing a trend of increases and adding pressure to future oil price concerns. The nation’s gas rig count fell by 3 to 89 in the past week. The total rig count declined by two this week to 506, while a year ago, 842 rigs were active.

Among major oil- and gas-producing states, Oklahoma gained three rigs and North Dakota and Texas fell by one each. Arkansas, California, Colorado, Kansas, New Mexico, Ohio, Pennsylvania, Utah, West Virginia and Wyoming were unchanged.

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Oklahoma Summary

We added 3 rigs for the week and the STACK dominates again with Kingfisher (13), Blaine (11) and Canadian (8) leading the pack in the rigs per county category.

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The top 6 counties from this weeks Oklahoma rig count also sit atop the YTD data, accounting for 65% of the total rig count in the state for 2016.

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All of the data used in this report is sourced from Baker Hughes (BHI)

 

Comments

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