U.S. Oil Rig Count Increases For 15th Straight Week

29 Apr 2017   USA

The number of active oil and gas rigs in the United States rose by 13 on Friday, according to oilfield services provider Baker Hughes. The total oil and gas rig count in the US now stands at 870 rigs, or 450 above the count a year ago. Oil rigs increased by 9, while gas rigs bumped up 4. This week marks the fifteenth straight build for oil rigs (+175 or +33.5% since January 13). While gas rigs haven’t enjoyed the same persistently ascending trajectory week to week, they have climbed 10 of the last fifteen weeks, for a total gain of 35 (+25.7%). Rig Factoid: The largest three-week gain in the number of active oil rigs in the US over the last decade was April 1, 2011. The rig count spiked 26 that week, for a total of 76 rigs gained over a three consecutive-week period. WTI spot price […]

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