Rig Counts Rise!

Baker Hughes reports U.S. rig count up 8 to 392 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 8 from last week to 392 with oil rigs up 4 to 299, gas rigs up 4 to 92, and miscellaneous rigs unchanged at 1.

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The U.S. Rig Count is down 398 rigs from last year’s count of 790, with oil rigs down 377, gas rigs down 19 and miscellaneous rigs down 2.

The international offshore rig count for April 2018 was 194. Stockwinners
Offshore Rig Count is unchanged

The U.S. Offshore Rig Count is unchanged at 16, down 7 year-over-year. The Canada Rig Count is down 3 from last week to 171, with oil rigs down 3 to 95, gas rigs unchanged at 76.

The Canada Rig Count is down 86 rigs from last year’s count of 257, with oil rigs down 72, gas rigs down 14.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets. The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.

West Texas Intermediate (WTI) is up 73 cents to $56.95 per barrel. Brent crude is up 50 cents to $59.50 per barrel. Gasoline last traded at $1.65 per gallon.

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This 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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