If WTI steadies at current levels, rig counts may rise ahead
PR Newswire
HOUSTON, Feb. 7, 2019
HOUSTON, Feb. 7, 2019 /PRNewswire/ — S&P Global Platts Analytics, today announced the total U.S. rig count for January 2019 was 1,113, down 34 (-3%) from December 2018, and up 18 (+2%) from January 2018. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs.
- January U.S. land rig count: 1,084, down 32 (-3%) from the previous month and up 17 (+2%) from January 2018
- January U.S. inland waters and Gulf of Mexico rig count: 29, down 2 (-6%) from the previous month and up 1 (+4%) vs January 2018
“Heading into the new calendar year, oil prices were in a weakened state and trading below $50 per barrel (/b) of West Texas Intermediate (WTI) crude,” said S&P Global Platts Senior Analyst Trey Cowan. “But in January, prices improved by about $7/b from the beginning to end-month, and it is this price rebound that is more telling than the sloughing off a few rigs over the month. Looking ahead, if WTI crude stays in the mid-$50/b area, we would expect the rig count to follow suit and show improvement in the weeks ahead.”
|
S&P Global Platts U.S. Rig Counts |
||||||||
|
Jan 2019 |
Dec 2018 |
Month over Month Change |
% Change |
Jan 2018 |
Variance Year over Year (YOY) |
YOY % Variance |
||
|
Colorado |
33 |
38 |
-5 |
-13% |
34 |
-1 |
-3% |
|
|
Louisiana |
49 |
43 |
6 |
14% |
57 |
-8 |
-14% |
|
|
New Mexico |
94 |
97 |
-3 |
-3% |
89 |
5 |
6% |
|
|
North Dakota |
61 |
61 |
0 |
0% |
53 |
8 |
15% |
|
|
Oklahoma |
133 |
151 |
-18 |
-12% |
129 |
4 |
3% |
|
|
Texas |
540 |
537 |
3 |
1% |
528 |
12 |
2% |
|
|
Rest of U.S. Land |
174 |
189 |
-15 |
-8% |
177 |
-3 |
-2% |
|
|
U.S. Land Subtotal |
1,084 |
1,116 |
-32 |
-3% |
1,067 |
17 |
2% |
|
|
U.S. Inland Waters |
1 |
3 |
-2 |
-67% |
3 |
-2 |
-67% |
|
|
U.S. Gulf of Mexico |
28 |
28 |
0 |
0% |
25 |
3 |
12% |
|
|
U.S. Inland and Gulf of Mexico |
29 |
31 |
-2 |
-6% |
28 |
1 |
4% |
|
|
Total U.S. Rig Count |
1,113 |
1,147 |
-34 |
-3% |
1,095 |
18 |
2% |
|
CONTACT
Kathleen Tanzy, + 1 917 331 4607, [email protected]
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SOURCE S&P Global Platts
