The US oil and gas rig count rose by five to end the week at 397, extending the streak to 12 straight weeks of gains as activity continues to recover.

There were 306 oil rigs working in the US this week compared to 299 last week, according to the latest tally from energy services firm Baker Hughes. However, that is down from 678 a year ago. There were 90 gas rigs working in the US this week compared to 92 last week, down from 110 a year ago.

US horizontal rig activity increased by two to 356 active rigs, the highest level since May.

The Permian basin of western Texas and south-eastern New Mexico saw the greatest gain, adding five rigs to bring the total up to 203. Other plays adding rigs include the Eagle Ford shale of southern Texas and the Williston basin of North Dakota with one rig each.

Click here to read the rig count summary.

The number of active rigs in Canada increased by five to 176, down from 255 a year ago. The oil rig count for the country was up six to 101 rigs, as compared to 172 a year ago. Gas drillers dropped one to 75 rigs, down from 83 a year ago.

The offshore rig count increased by one to 17 rigs, down from 23 a year ago.

The US Energy Information Administration estimate for US oil production for the week ending 5 February was up 100,000 bpd, to 11 million bpd as compared to 10.9 million bpd a week ago, and down 2 million bpd from a year ago.

The West Texas Intermediate crude oil price was $56.80 per barrel on 5 February, $4.64 above last week’s price and $6.46 more than a year ago.

Rigs And Vessels

Modest increase bumps US rig count to 397, extends streak to 12 weeks of gains