U.S. Rig Count Continues Its Ascent Unabated

13 Jun 2017   Shale Oil, USA

The number of active oil and gas rigs in the United States rose again this week by 11—making it 21 weeks of consecutive gains—the longest growth streak since at least 1987, which is the earliest date that Baker Hughes Excel data is available. As if the 11 rigs added to the U.S. repertoire weren’t enough, Canada added 33 rigs this week as well. The number of oil rigs in operation increased by 8, while gas rigs increased by 3. Combined, the total oil and gas rig count in the U.S. now stands at 927 rigs, which is 513 rigs over a year ago today, when oil prices were significantly higher than they were today. (Click to enlarge) It would appear that there is no end in sight to the steady stream of oil rigs being put into play in the U.S. shale patch, and according to Rystad Energy , […]

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