RigData Insights

January Rig Count Dips as it Follows the Bouncing Price of a Barrel

  • Thursday, February 7, 2019
  • Posted By Greg Tsichlis

Platts January 2019 Rig count
HOUSTON (February 6, 2019)  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.

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  • 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 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."

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