Baker Hughes rig count for the week ended May 8, 2015
Total rig counts in the United States fell by just 11 rigs this week, or by just 1%, in one of the smallest week-to-week declines since the price of oil tumbled last November, sending rig counts plummeting. The Baker Hughes (ticker: BHI) rig count for the week ended May 8, 2015, shows a total of 894 rigs active in the U.S.
Rigs exploring for oil fell about 2% to 668 from 679 last week, while rigs drilling for gas fell to 221 – just one below last week’s total. The largest decline was seen in Oklahoma, which had six fewer rigs in this week’s BHI rig count.
Colorado saw two rigs added to its inventory this week, while North Dakota added one. Alaska, Pennsylvania and Wyoming saw no changes.
Slowing production was met favorably by markets this week as oil prices broke $60 per barrel. Despite the rise in prices, Wunderlich Securities Chief Market Strategist Art Hogan told Oil & Gas 360® that further price improvement is needed before additional rigs are added to the field. “$65 to $70 per barrel [WTI] is where we can expect to see some more production becoming economical again.”
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