The the number of active oil and gas rigs fell in the United States this week according to Baker Hughes. The total number of active oil and gas drilling rigs fell by 3 according to the report with the number of active oil rigs gaining 2 to reach 833 and the number of gas rigs falling 5 to reach 189. The oil and gas rig count is now just 14 up from this time last year, with oil seeing just a 18-rig increase year on year, gas rigs down on the year by 3, and miscellaneous rigs seeing a 1-rig decrease for the year. Oil prices were trading significantly up earlier on Friday leading up to the data release as bullish factors excited the market after a massive shakeup deal between Chevron and Exxon was announced, and on tightening supply signals from Libya, Algeria, and Venezuela. WTI was trading […]