Active Rig Count - October 21
Posted: Fri Oct 21, 2016 2:10 pm
North American active rig count dropped by 8 rigs. IMO this may be a correction of last weeks report because the big jump in the Canadian rig count last week made no sense to me.
United States:
> Rigs drilling for oil increased by 11 to 443, compared to 594 a year ago and 1,609 at the peak in October, 2014
> Rigs drilling for gas increased by 3 to 108, compared to 193 a year ago. Natural gas production is still falling at this level of activity.
Canada:
> Rigs drilling for oil declined by 21 to 69, compared to 84 a year ago. Again, I think this is just a correction of the overstated rig count last week.
> Rigs drilling for gas declined by 1 to 74, compared to 106 a year ago.
Texas + Oklahoma have more than 50% of active rigs in the U.S.
United States:
> Rigs drilling for oil increased by 11 to 443, compared to 594 a year ago and 1,609 at the peak in October, 2014
> Rigs drilling for gas increased by 3 to 108, compared to 193 a year ago. Natural gas production is still falling at this level of activity.
Canada:
> Rigs drilling for oil declined by 21 to 69, compared to 84 a year ago. Again, I think this is just a correction of the overstated rig count last week.
> Rigs drilling for gas declined by 1 to 74, compared to 106 a year ago.
Texas + Oklahoma have more than 50% of active rigs in the U.S.