Oil rig count steady, two gas rigs added in the past week
The U.S. rig count rose by 16 as of April 7, according to Enverus Rig Analytics, with the addition of two gas rigs while the overall number of oil rigs remained steady. The count is up 9% in the last month but down 17% year-over-year.
The largest change in the last week was in the Anadarko Basin, where six rigs were added—all additions came from previously inactive companies firing up a rig.
Over the past year, the Anadarko Basin average was up 26% compared to the fourth quarter at 24 rigs. Meanwhile, the Denver-Julesburg Basin was up 43% at 10; the Gulf Coast was up 19% at 44; the Permian Basin was up 27% at 194; and the Williston Basin was flat at 13.
Among natural gas plays, the Haynesville first-quarter average was up 17%, which is also two more rigs than in first-quarter 2020. The Appalachian rig count was also up 17% at 41 rigs, but was still down from 45 in the year-ago quarter.
Energy research firm East Daley lifted its rig and production outlook for the Permian following a 22% rally in WTI futures in the U.S. during the first quarter. WTI prices, which have gained in four of the past five months, were down this week on worries about rising global production and weaker demand than before the coronavirus pandemic.
After falling to a record low of 433 rigs on average in 2020, according to Baker Hughes data going back to 1988, U.S. investment bank Piper Sandler’s energy specialist Simmons Energy forecast the count would rise to 451 in 2021 and 558 in 2022.
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