INTERACTIVE: US oil rig count posts largest gains since May

Source: ICIS News

2018/08/10

HOUSTON (ICIS)--US drillers added the most oil rigs this week since May, according to oilfield services firm Baker Hughes.

The overall rig count, which encompasses rigs drilling for oil, natural gas and miscellaneous purposes, also rose by the most since May.

10-Aug 3-Aug 27-Jul 20-Jul
Oil 869 859 861 858
Gas 186 183 186 187
Total 1,057 1,044 1,048 1,046
Week-on-week change (oil) 10 -2 3 -5
Week-on-week change (total) 13 -4 2 -8

Source: Baker Hughes

Rig count gains slowed in early summer alongside volatile crude prices, which dipped back below $70/bbl.

The count, which in recent years has become closely tied to oil prices and indicates coming US production, is up over 100 year on year as companies have committed to spending more on exploration and production amid the expectation of higher prices throughout the year.

NYMEX WTI crude futures for September delivery closed at $67.63/bbl on Friday, up 82 cents/bbl, on a pre-weekend correction to recent losses.