Second straight weekly rise in the U.S. oil-rig count
Crude oil prices have added about 7.7% over the past two weeks, driven by U.S. inventory declines of both crude oil and refined products. A potential U.S. rejection of the multination treaty with Iran has also raised traders’ concerns about supply disruptions, while hedge funds and other nonmarket participants have been trimming their long positions.
Weekly Summary: Rigs engaged in the exploration and production in the U.S. gained 5 for the week ended March 23, 2018, up to 995. Land rigs climbed up 6 to 979. The offshore rig count was flat. Rigs drilling in the inland waters were down -1 for the week.
Oil Rig Count: The US crude oil rig count climbed by 4 up to 804 for the week. There are 152 more rigs targeting oil than last year. Rigs drilling for oil represent 80.8 percent of all drilling activity.
US oil rigs tested an all-time high of 1,609 in October 2014. In contrast, the rigs hit 316 in May 2016—the lowest level since the 1940s.
Natural Gas Rig Count: The natural gas rig count – which plunged to its lowest last August – went up by 1 rig, gaining to 190. The number of rigs drilling for gas is 35 higher than last year’s level of 155.
Among major oil- and gas-producing states, Texas increased by seven rigs and Alaska and Colorado each gained two.
Oklahoma lost four rigs, Utah decreased by two and Ohio lost one.
Arkansas, California, Louisiana, New Mexico, North Dakota, Pennsylvania, West Virginia and Wyoming were unchanged.
Summary of Major Plays – Ranked By Rig Count
– Permian Basin 444 rigs compared to last week’s 437 rigs
– Eagle Ford 72 rigs compared to last week’s 71 rigs
– Cana Woodford 59 rigs compared to last week’s 64 rigs
– Williston 54 rigs compared to last week’s 54 rigs
– Marcellus 56 rigs compared to last week’s 56 rigs
– Haynesville 52 rigs compared to last week’s 52 rigs
– DJ-Niobrara 24 rigs compared to last week’s 23 rigs
– Utica 23 rigs compared to last week’s 24 rigs
– Granite Wash 13 rigs compared to last week’s 14 rigs
– Arkoma Woodford 7 rigs compared to last week’s 7 rigs
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.