• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 1 hour WTI @ $75.75, headed for $64 - 67
  • 17 hours The Dirt on Clean Electric Cars
  • 8 hours These are the world’s most competitive economies: US No. 1
  • 1 min Who's Ready For The Next Contest?
  • 7 hours The end of "King Coal" in the Wales
  • 24 hours Uber IPO Proposals Value Company at $120 Billion
  • 5 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 8 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 7 hours Coal remains a major source of power in Europe.
  • 3 hours EU to Splash Billions on Battery Factories
  • 1 day COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 3 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 15 hours Poland signs 20-year deal on U.S. LNG supplies
Alt Text

Disappearance Of Saudi Journalist Could Rock Oil Markets

The disappearance of Saudi journalist…

Alt Text

The Dark Horse Of The Oil Price Rally

Vietnam is set to break…

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

Trending Discussions

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

Oil Rig

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

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


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




Oilprice - The No. 1 Source for Oil & Energy News