Friday, January 6, 2017

Rig Counts: Oil +4 Gas +3

Rig counts rose modestly this week, according to Baker Hughes.  Both oil and gas rigs continued the trend lines established last summer.  Oil rigs rose by 4 to 529, with gains in the Permian (+3) and Eagle Ford (+1).  

Gas rigs rose by a net 3, with major basins gaining:  Haynesville (+2), Utica (+1) and Marcellus (+1).

In Canada, the post holiday drilling recovery began in earnest, with oil rigs up 29 this week after falling by 54 in the prior week.  Gas activity was stronger, with a bounce to a new year high.  Gas rigs were up +23 to 123 after falling by 13 last week: