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.
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- Analyst Insight
US Rig Count Begins August With Small Decline, Gas Rig Gains Continue
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).
- Analyst Insight
Another Rough Week For US Rig Count As US Total Declines to 539
US oil and gas rig count opened the month of July with another week-on-week decline, falling to 539 for the week ending July 3, a decline of eight vs. a week ago according to Baker Hughes. The Haynesville (+1) was the only basin to post an increase, while the Permian (-5), Anadarko (-2), Appalachia (-1) and Niobrara (-1) all posted declines. Total US rig count is down 51 in the last 90 days and down 46 vs. this week a year ago. The Haynesville is the only basin where rig count increased in the last 90 days, increasing from 32 rigs in April to 40 this week. Oil-directed US rig count stands at 425 (-7), while gas-directed rig count is also down week-on-week at 108 (-1) and miscellaneous rigs were flat at six.
- Analyst Insight
Another Slow Week for US Rigs, Total Count Falls to 538
This week was another slow one for US oil and gas rig count, with total rigs falling to 538 for the week ending August 22, a decline of one vs. a week ago according to Baker Hughes. The Bakken dropped one rig this week, while all other basins were unchanged. Total US rig count stands at 538, down 28 in the last 90 days and down 47 from this week a year ago. Oil-directed rigs stand at 411 and declined by one vs. a week ago, while gas-directed rigs at 122 and miscellaneous rigs at 5 were both unchanged from last week.
