US Drops Oil Rigs for First Time in Four Weeks
The U.S. rig count dropped by one this week, marking the first week of declines in four weeks.
The nation’s oil rig count now sits at 874, according to weekly data compiled by Baker Hughes, a GE Company.
The total rig count is currently 1,067. The count is still 169 more than this time last year.
The Permian is home to more than half of the U.S. oil rigs at 487.
Both the Marcellus and the Permian dropped two rigs apiece this week and the Arkoma Woodford shale play in Oklahoma dropped one.
The Cana Woodford shale play (located in the Anadarko Basin) added the most rigs at three, while the Granite Wash (located in Texas and Oklahoma) each added one rig.
A recent survey by Deloitte revealed that 61 percent of respondents expect rig deployment to rise in 2019. There also seems to be a bit more optimism overall in the industry, according to the same survey.
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