January Rig Count Dips as it Follows the Bouncing Price of a Barrel - S&P Global Platts Analytics
If WTI steadies at current levels, rig counts may rise ahead
HOUSTON, Feb. 7, 2019 /PRNewswire/ -- S&P Global Platts Analytics, today announced the total U.S. rig count for January 2019 was 1,113, down 34 (-3%) from December 2018, and up 18 (+2%) from January 2018. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs.
- January U.S. land rig count: 1,084, down 32 (-3%) from the previous month and up 17 (+2%) from January 2018
- January U.S. inland waters and Gulf of Mexico rig count: 29, down 2 (-6%) from the previous month and up 1 (+4%) vs January 2018
"Heading into the new calendar year, oil prices were in a weakened state and trading below $50 per barrel (/b) of West Texas Intermediate (WTI) crude," said S&P Global Platts Senior Analyst Trey Cowan. "But in January, prices improved by about $7/b from the beginning to end-month, and it is this price rebound that is more telling than the sloughing off a few rigs over the month. Looking ahead, if WTI crude stays in the mid-$50/b area, we would expect the rig count to follow suit and show improvement in the weeks ahead."
S&P Global Platts U.S. Rig Counts |
||||||||
Jan 2019 |
Dec 2018 |
Month over Month Change |
% Change |
Jan 2018 |
Variance Year over Year (YOY) |
YOY % Variance |
||
Colorado |
33 |
38 |
-5 |
-13% |
34 |
-1 |
-3% |
|
Louisiana |
49 |
43 |
6 |
14% |
57 |
-8 |
-14% |
|
New Mexico |
94 |
97 |
-3 |
-3% |
89 |
5 |
6% |
|
North Dakota |
61 |
61 |
0 |
0% |
53 |
8 |
15% |
|
Oklahoma |
133 |
151 |
-18 |
-12% |
129 |
4 |
3% |
|
Texas |
540 |
537 |
3 |
1% |
528 |
12 |
2% |
|
Rest of U.S. Land |
174 |
189 |
-15 |
-8% |
177 |
-3 |
-2% |
|
U.S. Land Subtotal |
1,084 |
1,116 |
-32 |
-3% |
1,067 |
17 |
2% |
|
U.S. Inland Waters |
1 |
3 |
-2 |
-67% |
3 |
-2 |
-67% |
|
U.S. Gulf of Mexico |
28 |
28 |
0 |
0% |
25 |
3 |
12% |
|
U.S. Inland and Gulf of Mexico |
29 |
31 |
-2 |
-6% |
28 |
1 |
4% |
|
Total U.S. Rig Count |
1,113 |
1,147 |
-34 |
-3% |
1,095 |
18 |
2% |
|
CONTACT
Kathleen Tanzy, + 1 917 331 4607, [email protected]
About S&P Global Platts
At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.
S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.platts.com.
SOURCE S&P Global Platts
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