Wednesday, November 23, 2016

Oil and Gas Rig Count Trends Continue Upward in Shortened Week

The shortened Thanksgiving week saw 3 oil rigs and 2 gas rigs added to the working fleet in the US, with a notable gain of +4 gas rigs in the Marcellus.

The Canadian picture deteriorated by contrast, with Oil rigs down 6 to 94, and gas rigs down 6 to 78.  Canada remains much more gas/oil balanced than the US, and both the oil and gas fleet are near their prior year mark.  The relatively large gas fleet should generate production increases that show up the the gathering, export, and storage numbers soon.