Oil prices extend gains after rig counts fall. Overall U.S. rig counts pulled back for the week, helping to support gains in crude-oil prices on Friday.
*U.S. TOTAL RIG COUNT DOWN 4 AT 954
*U.S. OIL RIG COUNT DOWN 1 TO 765
*U.S. GAS RIG COUNT DOWN 3 TO 189
Among major oil- and gas-producing states, Texas gained four rigs and Alaska increased by one.
Louisiana declined by five rigs, Oklahoma decreased by two and New Mexico and North Dakota were down by one apiece and the rest were unchanged.
The 5 most active counties in Oklahoma with rigs running are Blaine (24), Kingfisher (20), Grady (18), Dewey (10) and Canadian (7).
The Eagle Ford Shale of South Texas saw the greatest individual basin gain week over week with two new rigs coming online, while Oklahoma’s Cana Woodford saw the most significant drop, falling by three.
Oil futures finished sharply higher on Friday, but took a weekly loss. West Texas Intermediate for delivery in September gained 55 cents, closing at $49.58 a barrel. For the week, WTI slipped 0.3%, weighed by Thursday’s sharp selloff.
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.