Rig Counts Continue to Rise

U.S. Rig Counts rise to 908 from last year’s 404 rigs

Canadian Rig Counts rise to 93 from last year’s 43


Rig Counts Rise

#Baker Hughes $BHI reports that the U.S. rig count is up 7 rigs from last week to 908, with oil rigs up 2 to 722, gas rigs up 5 to 185, and miscellaneous rigs unchanged at 1.

The U.S. Rig Count is up 504 rigs from last year’s count of 404, with oil rigs up 406, gas rigs up 98, and miscellaneous rigs unchanged.

The U.S. Offshore Rig Count is unchanged from last week at 23 and down 1 rig year over year.

The Canadian Rig Count is up 8 rigs from last week to 93, with oil rigs up 4 to 40 and gas rigs up 4 to 53.

The Canadian Rig Count is up 50 rigs from last year’s count of 43, with oil rigs up 26, gas rigs up 25, and miscellaneous rigs down 1 to 0.

In an attempt to shore up oil prices, yesterday, the Organization of Petroleum Exporting Countries, #OPEC, ministers meeting in Vienna produced an agreement to maintain production reduction of 1.8 million barrels per day for another nine months. On the news, the commodity sold off more than 5% on Thursday. Prices have rebounded some today and #WTI crude oil last traded at $49.82 per barrel. Brent crude last traded at $52.20 per barrel.

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The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

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