Rig Counts Climb Amid Increased Prices and Positive Speculation

Energy & Resources

By Logan Kowcheck

Rig counts’ weekly responsiveness is a key factor in forecasting the price of oil and gas and ultimately the productivity within the industry.  North American markets are projected to rebound in 2017, with onshore drilling activity being a primary factor in the increase.  Baker Hughes Inc.’s U.S. active rig count for the week ended January 20, 2017 increased to 694 rigs up 35 units from the prior week.  The rig count has increased by 290 rigs since the low point of 404 rigs in June 2016.  The total North American rig count is up 57 rigs from the same week a year ago.  Week to week, the rig count increased in Ohio, Pennsylvania, and West Virginia by four rigs, with Ohio having the largest increase at three units.  Ohio, Pennsylvania and West Virginia have seen a cumulative increase of 14 rigs from the same week a year ago. 

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