Active Rig Count - July 17

[dan_s]

United States active rig count falls by 6

Oil -7
Gas +1

Total active rigs today are 857, compared to 1,871 a year ago.

U.S. oil and gas production is falling and the rate of decline will accelerate.

[setliff]

dan, canadian rig count for oil was way up---what's your thoughts about that?

[dan_s]

Canadian rig count always goes up in the summer when it dries out. Note that most of the increase was for rigs that are drilling for gas. BTW Canada is also getting ready to export LNG and some companies are drilling gas wells to get supply ready for that. AND Canada has their own gas storage that needs to be refilled by winter.

Note BIG difference to last year's active rig count in Canada.

O/G: 2015 / 2014
Oil: 98/226
Gas: 94/155

[bearcatbob]

Canadian rig count always goes up in the summer when it dries out. Note that most of the increase was for rigs that are drilling for gas. BTW Canada is also getting ready to export LNG and some companies are drilling gas wells to get supply ready for that. AND Canada has their own gas storage that needs to be refilled by winter.

Note BIG difference to last year's active rig count in Canada.

O/G: 2014 / 2015
Oil: 98/226
Gas: 94/155

Dan - did you get the dates reversed?

[dan_s]

Yes I did. I will edit the previous post.