Baker Hughes reports U.S. rig count down 4 to 983 rigs
Baker Hughes (BHGE) reports that the U.S. rig count is down 4 rigs from last week to 983, with oil rigs down 5 to 797, gas rigs up 1 to 186, and miscellaneous rigs unchanged at 0.
The U.S. Rig Count is down 76 rigs from last year’s count of 1,059, with oil rigs down 62, gas rigs down 12, and miscellaneous rigs down 2.
The U.S. Offshore Rig Count is unchanged at 22 and up 3 rigs year-over-year.
The Canada Rig Count is up 15 rigs from last week to 78, with oil rigs up 16 to 38 and gas rigs down 1 to 40.
The Canada Rig Count is down 3 rigs from last year’s count of 81, with oil rigs up 3 and gas rigs down 6.
The Baker Hughes rig count is an important business barometer for the oil drilling industry. 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 oil products.
Crude oil is up 40 cents to $58.30 per barrel. Brent crude is up 57 cents to $68.33 per barrel.
Note that crude oil is rebounding from its 100-day moving average. The Commodity topped around $66 per barrel in the Spring.
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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.