US oil and gas rig count declined by two for the first week of the new month, dropping to 540 rigs for the week ending August 1 according to Baker Hughes. One rig was added in the All Other group, while the Permian, Anadarko and Gulf of Mexico each lost one rig. Total US rig count is down 44 in the last 90 days, and down 46 vs. this week a year ago. Gas-directed rigs continue to make gains at the expense of oil-directed rigs, increasing for the fourth consecutive week and climbing to 124 (+2), a gain of 16 since the first week of July. Oil-directed rigs stand at 410 (-5), with miscellaneous rigs up slightly to 6 (+1).
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- Analyst Insight
US Rig Count Declines By Two To End Month Of August
US oil and gas rig count ended the month of August with another week-on-week decline, dropping two rigs for the week ending August 29 and marking the fourth week of declines this month according to Baker Hughes data. Rigs were lost in the Haynesville (-1), Anadarko (-1) and Bakken (-1), while the All Other group (+1) was the only one to post a gain for the week. Total US rig count stands at 536 and is down 27 in the last 90 days and down 47 vs. this week a year ago. Oil-directed rigs stand at 412 (+1), with gas-directed rigs at 119 (-3) and miscellaneous rigs at 5.
- Analyst Insight
US Oil and Gas Rig Count Posts Small Increase as Total Count Climbs to 542
US oil and gas rig count posted another small increase this week, marking its third consecutive week of gains. Rig count for the week ending September 19 climbed by three rigs vs a week ago to reach 542 according to Baker Hughes data. Two rigs each were added in the Niobrara and All Other, while the Permian lost one rig. Total US rig count is down 12 in the last 90 days, and down 46 vs. this week a year ago. Oil-directed rig count rose to 418 (+2) this week, with gas-directed rig count flat at 118 and miscellaneous rigs up to 6 (+1).
- Analyst Insight
US Rig Count Falls For Fifth Consecutive Week, Dropping to 563
US oil and gas rig count declined for the fifth consecutive week, dropping to 563 for the week ending May 30 according to Baker Hughes data. The Permian (-1), Anadarko (-1) and Appalachia (-1) all lost rigs, while no basins reported gains. Total US rig count is down 30 in the last 90 days, and down 37 from this week a year ago. Oil-directed rigs stand at 461 (-4), gas-directed rigs at 99 (+1) and miscellaneous rigs at 3 (+0).
