• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours How Far Have We Really Gotten With Alternative Energy
  • 7 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 20 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Bullish Sentiment Finally Breaks Out in Oil Markets

Bullish Sentiment Finally Breaks Out in Oil Markets

Bullish sentiment is finally seeping…

New Tech Could Make Hydrogen Cars a Commercial Reality

New Tech Could Make Hydrogen Cars a Commercial Reality

South Korean researchers have developed…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

Double Digit U.S. Rig Count Increase Impacts Oil Prices

The number of active U.S. oil rigs rose by 11 to 341 this week according to oilfield services firm Baker Hughes, marking the fourth week of rises in the past five weeks.

Last week, the number of oil rigs dipped after three weeks of modest gains. This week marks only the fourth week of rig count gains for the entire year.

The number of gas rigs dropped one, bringing the total oil and gas rig count to 431—up from 421 the week prior. Coincidentally, that is a drop of 431 in the number of oil and gas rigs the same time last year.


Image courtest of Zerohedge
(Click to enlarge)

This week’s biggest gainers are Oklahoma and Texas, accounting for eight of the added rigs.

West Texas Intermediate (WIT) and Brent Crude are both up $.01 and $.02 respectively over yesterday’s close, but were trading higher before the report’s release.

This week’s gains—the largest in six months—may be the signal that the tide is finally turning, lending credence to claims made earlier in the week by Evercore ISI analysts that the bottom had arrived, suggesting that the worst was behind us “and a modest recovery in spending is underway.”

By Zainab Calcuttawala for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Jack on July 01 2016 said:
    Or it'a a sign that we're jumping the gun yet again, priming ourselves for another disastrous crash just like last year. The parallels are more than a little concerning.

    I really hope that that's not the case though.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News