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The Eagle Fords rig count fell below 100

The number of rigs drilling in the Eagle Ford fell below 100 for the first time since at least February 2011, according to information from Baker Hughes (ticker: BHI). The Eagle Ford lost 4 rigs from this time last week, putting the total number in the basin at 98.

The total number of rigs active in the U.S. also declined this week, falling to 857, down six from last week. The number of rigs drilling for oil fell to 638 from 645, while rigs drilling for gas gained one and reached 218 for the week ended July 17, 2015.

With the Eagle Ford now down in the double-digits, the Permian is now the only basin in the U.S. with a triple-digit rig count. The Permian saw three additional rigs added in the last week, reaching 242 total rigs operating in the basin.

Canada’s drilling season continues to pick up steam

Last week, Canada saw a 20% increase in the number of wells drilling for oil and gas, and this week the trend continued. Canada added another 23 rigs to its count, reaching a total of 192 for the week. The added rigs do not necessarily mean the price environment in Canada is recovering, however. Canada experiences more volatile swings in rig counts due to seasonality, meaning the added rigs only signal that the drilling season in Canada is accelerating.

Oil prices were down $0.12 from their opening price today at $50.79, continuing a downward trend started in the beginning of July.


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