That exceeds the 659 rigs that were active this time a year ago.
The total USA rig count rose by 15 to 939 following last week's decline of 5, according to the latest weekly survey from Baker Hughes; it is the largest increase since May. Two units were added in the offshore. February West Texas Intermediate crude was up 15 cents, or 0.2%, from Thursday, to $63.95 a barrel, up a bit from shortly before the rig data, but well below the day's high of $64.23.
The rig count usually increases again in the summer when the ground dries and holds around those levels through the end of December when the count drops during the last week of the year for the Christmas break. On January 12, there were 939 active oil and natural gas rigs.
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Energy firms in both the United States and Canada have mostly increased the number of rigs operating since the summer of 2016 as USA crude prices climbed over the key US$50 a barrel level that analysts said would prompt drillers to return to the well pad. Oklahoma netted three rigs week/week, although NGI's more detailed breakdown showed only a one-rig increase in the SCOOP (South Central Oklahoma Oil Province), which offset a one-rig decline in the STACK (Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties). The count for natural gas rigs is now up by 51 year over year. The Haynesville Shale, Mississippian Lime and Denver Julesburg-Niobrara formation each saw one rig return during the week, according to BHI.
That was the biggest weekly increase since drillers added 89 rigs during the same week in 2017. Last week, it forecast 997 in 2018 and 1,126 in 2019.
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