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US total rig count up 2 on week as oil rigs rebound

The combined oil and natural gas rig count in the U.S. was up two in the week to July 27 to 1,048, reversing the previous week's impressive eight-rig slump, according to Baker Hughes' latest North American Rotary Rig Count.

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The total count sits 90 rigs above the corresponding week a year earlier.

Oil-directed rigs were up three on the week at a total of 861, which was up 95 from the same week in 2017. Natural gas-directed rigs were down one on the week at 186 and were down six rigs on the year.

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The North American rig count was up 14 on the week and is up 93 on the year to a total of 1,271, and Canadian rigs were up 12 on the week and were up three on the year to a total of 223.

During the week ended July 27, U.S. land rigs were up six at a total of 1,030, which was up 99 from the corresponding year-ago period. Inland water rigs were down three on the week and down one on the year at a total of two. Offshore rigs were down one on the week and down eight on the year at a total of 16.

By trajectory, vertical rigs were up five on the week and down nine on the year to a total of 62, and directional rigs were down three on the week at 64, which was down 13 on the year. Horizontal rigs were unchanged on the week and up 112 on the year to a total of 922.

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