Baker Hughes (BHI) said Friday, Aug. 12, that active US rotary rigs were up for the seventh consecutive week to 481, a monster uptick of 17 rigs from last week’s count of 464.
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Oil driller Baker Hughes reported the number of active oil rigs rose sharply by 15 to 396 for the week ending August 12. Last week, the rig count rose by 7 to 381, the highest total since March 18. The U.S. rig count peaked at 4,530 in 1981.
WTI stands at $44.39 at the time of this writing, up 2.07% over yesterday’s close.
“We expect the rig count could stall or even decline due to seasonal drilling activity declines and recent commodity pull back”, analysts at USA financial services firm Cowen & Co said in a report this week, noting USA land rigs increased by six this week to 485 in its rig count forecast. Texas is still down 159 rigs over a year ago, with 230 rigs now in production.
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The number of rigs operating in the Gulf of Mexico this week was unchanged at 17, exactly half the number of rigs that were operating a year ago. Utica, Granite Wash, and Williston also each added rig, while Haynesville and Eagle Ford each lost a rig.
