West Texas Intermediate futures gained 26 cents or about 0.7 percent to $42.49 per barrel in early New York Mercantile Exchange trading Friday.
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Colorado recorded a two rig loss last week.
The number of rigs drilling for natural gas climbed by four to 213 rigs while the number of rigs drilling for oil ticked up by six to 670 rigs, only a fraction of the 1,588 oil rigs operating a year ago. The oil rig count has now risen in six of the past seven weeks. In comparison, June’s rig count fell by 28 from May. Despite recent increases, the US rig count is still at its lowest level since June 2009. Rigs considered active must be on location and drilling.
According to Baker Hughes, the number of rigs looking for oil and gas jumped to 884 last week, up 10 rigs from last week but still 1,024 fewer rigs compared to the same time a year ago.
The US overall rig count hit 2,031 in September 2008-the highest count since July 1987, according to Baker Hughes.
The oilfield providers provider assures the rig counts are “an necessary enterprise barometer for the drilling business and its suppliers”.
That was a sign some drillers followed through on plans to add rigs announced in May and June when U.S. crude futures averaged $60 a barrel.
Gulf of Mexico (GoM): The GoM rig count was up by 3 to 37 units.
An increase or decrease in the Baker Hughes rotary rig count weighs heavily on the demand for energy services – drilling, completion, production, etc. – provided by companies that include large-cap names like Halliburton Co.
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