Friday, January 20, 2017

Steep Rise in Rig Counts: Oil +29 Gas +6

After a lull over the holidays, rigs were added in bulk this week.  Oil rigs were up 29, returning the rig count to the trend line that began last May.  Most of the rigs were added in the Permian (+13), with the Williston also showing signs of life at +3.  Cana Woodford also added 9, pushing the count to 46 in that basin.  

The Canadian rig count continues to astound, with 23 more oil rigs added, and 5 gas rigs.  Both those fleets are now back to where they were in early 2015.