Rig count rises 3% for August 2021
The largest week-over-week changes in the rig count occurred in the Permian Basin and Williston Basin. According to Enverus Rig Analytics, the count is up 3% on the month and up 115% since August 2020.
In August, drillers added 25 oil rigs, the most in a month since January, putting the oil rig count up for 12 consecutive months for the first time since July 2017. Meanwhile, the gas rig count declined by six, its first monthly decline since October 2020.
The Williston Basin rig count is a 2021 high for the basin, while the Permian hit a daily year-to-date high of 241 three days earlier on August 22. Further, the increase in the Williston Basin rig count included the addition of one rig in Montana during the middle of the month. - in the beginning of August, Montana had zero rigs operating.
In the Gulf of Mexico, there are 25 rigs running, which has increased 47% year-over-year. However, the number is likely to temporarily dip in the following weeks after Hurricane Ida. The most active operators are Shell Oil with seven rigs, Chevron with four and BP with two.
WTI crude futures in the U.S. gained over 10% this week to about $69/bbl as of August 27, putting the contract on track for its biggest weekly gain since June 2020 ahead of the storm.
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