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Oil Inches Higher On Strong Crude Draw

Oil Inches Higher On Strong Crude Draw

Oil prices rebounded on Wednesday…

U.S. Oil Rig Count Drops Another 27 Rigs

Tumbling for the ninth week in a row, the oil rig count is now down by another 27 rigs, according to Baker Hughes data from today.

The total rig count was down to 514, from 541 the previous week, while oil rigs specifically were down to 413, from 439 a week ago.

Gas rigs lost only one in the battle to stay afloat, holding at 101 rigs this week.

Related: The Biggest Natural Gas Discovery Of 2016 Just Got Bigger

From a state-by-state perspective, Texas lost 12 rigs in the count, following by Oklahoma and North Dakota, which lost three each. Louisiana is down two rigs, and Colorado, Kansas, New Mexico and Wyoming are down one.

Though it lost 12 rigs in today’s weekly data, Texas is still rig central, housing 46 percent of all operating US rigs. Of those it lost, the Permian Basin fared worst, down seven rigs, while the Eagle Ford shale lost four.

Compared to last week, the rig count is slightly more favorable. Oil rigs last week fell by 28, while the total rig count last week fell by 30.

Related: Why OPEC Production Freeze Could Pave The Way For Actual Cuts 

A year ago, the rig count was 606, and according to today’s data we’ve seen a 75 percent drop in rig counts since the fall in oil prices that began in the summer/fall of 2014.

Crude oil prices are now down further from this morning, with WTI down 3 percent to $29.14 per barrel.

By Charles Kennedy of Oilprice.com

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