Drillers cut rigs again. The rise in the number of active rigs in the US has slowed in recent weeks, with the 5-week average gain for US oil rig count falling into negative territory, compared to the previous 5-week average gain of 5 rigs.
*U.S. TOTAL RIG COUNT DOWN 3 AT 946
*U.S. OIL RIG COUNT DOWN 5 TO 763
*U.S. GAS RIG COUNT UP 1 TO 182
Among major oil- and gas-producing states, California gained two rigs and New Mexico increased by one.
North Dakota declined by two rigs while Alaska, Louisiana, Oklahoma and Utah were down by one apiece. The rest were unchanged.
The 5 most active counties in Oklahoma with rigs running, are Blaine (24), Kingfisher (20), Grady (20), Dewey (13) and Canadian (9). October West Texas Intermediate crude closed up $1.42 for the session finishing at $48.66 a barrel on the New York Mercantile Exchange.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404
Compiled and Published by GIB KNIGHT
Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.