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US crude oil rig gains account for total weekly surge

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US crude oil rig gains account for total weekly surge

The combined oil and natural gas rig count in the U.S. was up 13 in the week to May 25, to 1,059, according to Baker Hughes' latest North American Rotary Rig Count.

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The total count sits 151 rigs above the corresponding week a year earlier.

Oil-directed rigs were up 15 on the week to a total of 859, which was up 137 from the same week in 2017. Natural gas-directed rigs were down two on the week to 198 and were up 13 rigs on the year.

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The North American rig count was up 11 on the week and is up 139 on the year at a total of 1,140, and Canadian rigs slid by two on the week and were down 12 on the year to a total of 81.

During the week ended May 25, U.S. land rigs were up 13 at a total of 1,036, which was up 155 from the corresponding year-ago period. Inland water rigs were unchanged on the week and on the year at a total of four. Offshore rigs were unchanged on the week and down four on the year at a total of 19.

By trajectory, vertical rigs were up five on the week and down 11 on the year to a total of 66, and horizontal rigs were up seven on the week and up 160 on the year to a total of 926. Directional rigs were up one on the week at 67, which was up two on the year.

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