The Baker Hughes North American Rig Count showed an increase of 12 rigs exploring for oil and gas on Friday, Feb. 10. This number shows an increase of 200 rigs to a total of 741 over last year’s count. Confidence that OPEC may stay true to its agreement to cut production could be driving the rig count increase.
The Permian Basin gained six rigs, while the Eagle Ford and Marcellus each gained three. The Cana Woodford in Oklahoma lost 5 rigs after gaining a significant number over the past few weeks. The Utica also lost two rigs.
By state, Louisiana and West Virginia each gained 2 rigs while Ohio lost 2. Texas gained 7, and New Mexico gained 4. Pennsylvania gained 1.
The price of West Texas Intermediate Crude sits at $53.78/bbl at 3:00 PM EST. Brent Crude is $56.82 per barrel. Natural gas is down slightly at $3.04/MMBtu.