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Total US rig count increases again on back of rising oil rigs

Holdingat its highest level since mid-February, the total U.S. rig count edged higheragain in the week ended Oct. 7, according to released Oct. 7 by

Thetotal rig count rose by two, to a total of 524 during the week ended Oct. 7,which was down 271 rigs from the same week in 2015 and 1,507 rigs below theSept. 12, 2008, record high of 2,031.

Naturalgas rigs eased by two to a total of 94 but fell 95 from the corresponding weekin 2015, putting them 1,512 rigs below the record high of 1,606 reported duringthe week ended Sept. 12, 2008. U.S. crude oil rigswere up by three on the week under review to a total of 428 but were down 177from the same week in 2015.

TheNorth American rig count gained five for a total of 689 but was down 286 fromthe corresponding year-ago period. Canadian rigs increased by three to 165during the first week of October, which was 15 rigs below the same week in 2015.

U.S.land rigs increased by three to a total of 500 during the week ended Oct. 7,but retreated 260 from the corresponding week a year ago. Inland water rigsdropped by two to a total of one, which was also down two rigs on the year.Offshore rigs rose by one to a total of 23 but were down nine from the sameweek in 2015.

Bytrajectory, vertical rigs decreased by three to 61 and were down 53 from thecorresponding week a year ago. Directional rigs fell by one, to 50, and weredown 33 the same week in 2015. Horizontal rigs climbed by six to 413 but weredown 185 from the same week a year earlier.