U.S. Rig Count Soars, Putting Yet More Pressure On OPEC

18 Mar 2017   USA

This week’s Baker Hughes report shows the U.S. domestic oil and gas rig count up 21 rigs this week, bringing the total to 789 active oil and gas rigs—a fantastic 313-rig increase over last year. The bulk of this week’s gains were oil rigs, which saw a 14-rig gain, while gas saw a build of 6, with one miscellaneous rig added last week. The number of active oil rigs in the United States now sits at 631—244 rigs over the number of rigs this time last year. In sharp contrast, Canada saw a 31-rig decrease to its oil rigs, while the number of gas rigs in Canada dipped by 10 this week. Both West Texas Intermediate and Brent barrels were traded slightly up (.02% and .04% respectively) on Friday preceding the release of the report, with WTI still trading below $49 per barrel at $48.76. At 12:32pm EST, Brent […]

Tags:

Comments are closed.