RigData Insights

Worrisome Signs Ahead For US Land Rig Count

  • Tuesday, July 14, 2015
  • Posted By Unknown
There are worrisome signs ahead for the US active land rig count, despite the tally recently gaining momentum 2 weeks in a row, according to RigData’s RADAR Report. After bottoming at 764 the week ended June 19, the US active count has added 59 rigs—including a 30-unit gain for the week ended July 3. The total count July 3 was 823, and the unconventional count was 611. A year ago at this time the US land rig count was 1,783, and 1,290 rigs were focused on unconventional drilling. The major unconventional active rig count represented 22 of the 30-rig week-over-week increase, with 21 of those rigs focused on unconventional oil/liquids.  Most of the liquids-driven rig increase is focused on the core areas of the Permian and Eagle Ford unconventional plays, with week-over-week gains of +12 and +5 rigs, respectively. However, the agreement on Iran’s nuclear ambitions sets the stage for further downward oil price pressure with the potential supply surge from that country, especially coming at a time when Saudi Arabia is achieving record oil production levels, 




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