US oil and gas rig count falls seven to 1,138 in first full week of 2019: S&P Global Platts Analytics

The US oil and natural gas rig count fell by seven to 1,138 during the first full week of 2019, which saw oil prices recover some lost ground, breaking above the $50/b mark, S&P Global Platts Analytics data showed Thursday.

The number of active oil rigs was unchanged at 897 this week, while the gas rig count dropped by six to 220. Also, a one-rig decline was seen in rigs not specified for oil or gas.

In total, domestic plays have lost 95 rigs since the recent high of 1,233 in the middle of November. Front-month WTI crude hit the mid-$70s/b in early October, which may have incentivized activity…

 

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