Friday, January 27, 2017

Rigs Counts Surge Higher: Oil +15 Gas +3

The US oil rig count rose 15 to keep the drilling revival on trend, confirming that the current oil price environment in the $50's is enough to generate strong returns, especially in the Permian, SCOOP, and Eagle Ford.

The gas rig count rose more modestly, with the Haynesville adding 2 of the 3 rigs.

The Canadian oil rig count rose by 7, to a strong 200 rigs.  And the gas rig count dropped by 4 but remains close to a 2 year high: