Baker Hughes reports U.S. rig count up 8 to 346 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 8 from last week to 346 with oil rigs up 5 to 263, gas rigs up 2 to 81, and miscellaneous rigs up 1 to 2.
The U.S. Rig Count is down 467 rigs from last year’s count of 813, with oil rigs down 422, gas rigs down 44 and miscellaneous rigs down 1.
The U.S. Offshore Rig Count is up 3 to 16, down 8 year-over-year.
The Canada Rig Count is down 9 from last week to 102, with oil rigs down 11 to 41, gas rigs up 2 to 61.
The Canada Rig Count is down 47 rigs from last year’s count of 149, with oil rigs down 47, gas rigs unchanged.
Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Baker Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975. The North American rig count is released weekly at noon Central Time on the last day of the work week. The international rig count will be released on the last working day of the first week of the month.
The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.
Brent crude is up $0.69 to $52.19 per barrel. West Texas Intermediate (WTI) crude is up $0.69 to $49.05 per barrel.
Gasoline last traded at $1.40 per gallon, up one cent.
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