U.S. rig count down by 3 to 936; Louisiana gains one

There are now 916 land, one inland waters and 19 offshore rigs active in the U.S. Including 189 other land rigs drilling for natural gas, there are a total of 936 working rigs in the country, down by three week over week and up by 242 year over year. The total active US rig count, which includes oil and natural-gas rigs, also declined by 3 to 936, according to Baker Hughes.

Oil was selling above 63 US dollars a barrel in early Friday afternoon trading in NY. The number of oil rigs stands at 747 versus 551 a year ago.

U.S. crude oil production rose last week, resuming the upward movement that oil prices enjoyed throughout Q4 2017. But this week, production moved upward again to 9.750 million bpd. STEO's forecast 2017 production is still lower than the record annual average USA natural gas production of 74.2 billion cubic feet per day in 2015.

Colorado and OH each lost four rigs and Alaska, North Dakota and Utah each decreased by one.

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Other rig count losers included Colorado and gassy OH each falling by four rigs.

The weekly rig count has become a key barometer for the health of the domestic drilling industry and, by proxy, the wider oil and gas industry.

South Texas' Eagle Ford shale fell by three rigs, the Dallas-area's Barnett shale dipped by two rigs and the Panhandle's Granite Wash declined by one.

Despite the overall decline in the number of rigs for the week, the Permian basin rig count increased by 6 this week, and now stands at 409 rigs, or 128 above this same week past year.

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