The Baker-Hughes Active Rig Count for the state of Oklahoma stood at 105 on Friday, May 10, marking a decline of 11 from the March 8 figure of 116 rigs.
Crude prices stood at $61.55 at 10 a.m. on Friday, May 10, showing a decline of about $2 a barrel from a month ago. Nonetheless, one analyst indicated that recent activity suggests that a price slide over the past week shows signs of abating.
Julianne Geiger, a writer for oilprice.com, said that President Trump’s suggestion that higher trade tariffs might not necessarily be imposed on China was a good sign for oil, as higher tariffs can mean a pullback of China from purchasing U.S. crude.
Meanwhile, market uncertainty has created volatility and therefore opportunity in the oil trade, along with various other market stressors, such as sanctions on Venezuela and Iran, and production supply outages in Libya and most recently, oil export issues in Russia, Geiger wrote.
The Oklahoma rig count of 105 is down 33 from a year ago (May 11, 2018), when it stood at 138.
The accompanying map, created by Baker Hughes, shows the locations of Oklahoma’s 105 active rigs. The heaviest concentration, clearly, lies in the SCOOP/STACK region.