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Oil Prices Jump On Major Crude Draw

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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U.S. Oil Rig Count Increases For 6th Time In 7 Weeks

The US oil and gas rig count rose by 7 this week, with Baker Hughes adding 6 more oil rigs to the count and one more gas rig, bringing the total operational rigs in the U.S. to 447.

Released at 1:00pm EST Friday, the new Baker Hughes weekly rig count shows 357 oil rigs currently active in the U.S., along with 89 gas rigs active.

The biggest gains were made in New Mexico, with 4 new rigs, and Louisiana, with 3 new rigs.

Last week, the rig count was up 9 rigs in total, with 10 new oil rigs on the scene, with the biggest gains in Texas’ Permian basin, which saw 4 new active oil rigs last week, following by Williston with two new rigs last week.

Rigs engaged in exploration and production in the US rose for the third straight week, data showed on Friday.

According to oilfield services company Baker Hughes, the number of oil and gas rigs drilling rose by 7 to 447 in the week ended July 15.

In the previous period, the gauge rose by 9 to 440.

Image Courtesy: Zerohedge.com

(Click to enlarge)

The current nationwide rig count is less than half the prior-year level of 863. The count had peaked at 4,530 in 1981, while an all-time low was recorded in March. Since then the rig count has recovered marginally.

By Charles Kennedy of Oilprice.com

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