US oil and gas rig count declined for the first week of the new month, declining by two to 590 rigs for the week ending April 4 according to Baker Huges data. Rigs were added in Appalachia (+1), while the Permian (-3) declined vs. last week. Total US rig count is up one in the last 90 days, and down 30 from this week a year ago. Oil-directed rigs increased by five this week, climbing to 489, while gas-directed rigs declined by seven to 96, their lowest in seven months. Miscellaneous rigs this week were flat at five.
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- Analyst Insight
US Rig Count Posts Small Weekly Decline, Falls To 588
Following last week's gains, US oil and gas rig count fell this week, declining by two rigs vs. a week ago and falling to 588 for the week ending September 20 according to Baker Hughes. One rig was added in the Permian, while the Niobrara, Gulf of Mexico, and All Other each lost one rig. Total US rig count is flat in the last 90 days, and down 42 from this week a year ago. Oil-directed rigs (488) were flat for the week, while gas-directed rigs (96) and miscellaneous rigs (4) both declined by one vs. a week ago.
- Analyst Insight
US Rig Count Posts Largest Gain In 12 Months, Climbs to 590
US oil and gas rig count posted its largest increase in a year for the week ending September 13, increasing by eight rigs vs. a week ago and climbing to 590. This marks the largest week on week increase since September 15, 2023 when nine rigs were added. Rigs were added in the Niobrara (+3), Gulf of Mexico (+2), Eagle Ford (+1), Anadarko (+1) and All Other (+1). Total US rig count is flat vs. 90 days ago, and down 51 from this week a year ago. Oil-directed rigs (488) increased by five for the week, while gas-directed rigs (97) increased by three and miscellaneous rigs (5) were flat.
- Analyst Insight
US Oil & Gas Rig Count Down
US oil and gas rig count posted its largest week-on-week decline of the year, declining by seven rigs vs. a week ago to 583 for the week ending April 11 according to Baker Hughes. Basins reporting declines this week include the Permian (-4), All Other (-2), Eagle Ford (-1), Appalachia (-1) and the Gulf of Mexico (-1), while the Haynesville (+2) was the only basin to report an increase. Total US rig count is down one in the last 90 days, and down 34 from this week a year ago. Oil-directed rigs declined by nine on the week to 480, while gas-directed rigs (97) and miscellaneous (6) both increased by one for the week.
