U.S. Rig Count Reverses After 23-Week Streak

1 Jul 2017   Shale Oil

The number of active oil and gas rigs in the United States fell by a single rig this week, and thus concludes the US shale patch’s impressive run of 23 weeks of steady gains. The decrease comes as oil prices are on track to record their worst first-half performance since H1 1998. The number of oil rigs in operation decreased by two, while gas rigs increased by one. Combined, the total oil and gas rig count in the US now stands at 940 rigs, which is 509 rigs over a year ago today. While the numbers were down for the first week in a long time in the United States, Canada has seen four weeks of two-digit gains, adding 90 rigs in total in that timeframe, after this week’s 19-rig gain. Prices were up earlier on Friday—with WTI trading up 1.42% on the day at $45.57, continuing its recovery […]

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