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Are Oil Markets At A Turning Point?

Oil prices rebounded on Tuesday…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

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U.S. Oil Rig Count Higher, Sees Biggest 2-Week Rise In A Year

The U.S. oil rig count rose by 10, while natural gas lost one rig, week-on-week, bringing the total rig count increase last week to 9, for 440 rigs in play, according to Baker Hughes.

The new rig count represents the biggest two-week rise since this same time last year.

According to the Baker Hughes’ rig count, released today, while the U.S. count was up 9 in total, with 10 new oil rigs on the scene, Canada made even further gains, with 21 new rigs.


Courtesy of Zerohedge
(Click to enlarge)

More specifically, the data shows that the U.S. now has 351 active crude oil rigs.

In the U.S., gains were made in Texas’ Permian basin, with the addition of 4 new oil rigs, and in Williston, with the addition to 2 new oil rigs. The Permian now has 158 oil rigs in operation, while Williston has 28 oil rigs in operation.

Internationally, however, the counts fared poorly as of the latest count, in June, with 28 fewer oil rigs compared to May, dipping down to a total of 927 oil rigs globally, but 1,407 oil and gas rigs combined—up two from the previous month. Related: Chilcot Report: UK Oil Interests Were Lead Motive For Iraq War

Latin America lost 10 rigs—the biggest drop recorded.

Oil futures gained a bit in early morning trading today (8 July) on data showing the lowest level of U.S. production in over three years, and despite the increased rig count were still holding steady by the early afternoon.

West Texas Intermediate (WTI) was up 1.6 percent at the open this morning, trading at US$45.87 per barrel after having fallen 4.8 percent at the close yesterday to the two-month low of $45.14 after the Energy Information Administration (EIA) came in with crude inventory data showing a smaller-than-expected draw.

By James Burgess of Oilprice.com

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