Baker Hughes reports U.S. rig count unchanged at 650 rigs
Baker Hughes (BKR) reports the U.S. rig count is unchanged from last week at 650, with oil rigs down 3 to 519, gas up 3 to 130, and miscellaneous rigs unchanged at 1.
The U.S. rig count is up 247 rigs from last year’s count of 403 with oil rigs up 209 gas rigs up 38 and miscellaneous unchanged at 1.
The U.S. offshore rig count is unchanged at 12, down 2 year-over-year.
Canada Oil Rig Count is at a current level of 134, down from 138 last week and up from 92 one year ago. This is a change of -2.90% from last week and 45.65% from one year ago.
Meanwhile, Goldman Sachs raised it’s target price on the West Texas Intermediate (WTI) to $150 per barrel by this Summer as pressure builds up to sanction Russian crude oil imports.
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 $7.71 to $115.39 per barrel. Brent crude is up $7.36 to $117.92 per barrel. Gasoline last traded at $3.524 per gallon up 24.1 cents on the day. Get ready to pay substantially more at the pump.
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