U.S. rig counts continue their downward trend
The U.S. rig count has either decreased or remained unchanged for 22 consecutive weeks now. According to information released from Baker Hughes (ticker: BHI) the U.S. rig count fell by 13 in the week ended January 22, 2016, to 637. This is the first time since the week ended August 20, 1999, that the rig count has been below 650.
The number of rigs drilling for oil declined by five this week to 510, while gas rigs saw eight machines laid down, finishing the week at 127. The majority of the losses came from the Haynesville, which lost five rigs this week, and the Eagle Ford, which laid down four. The Cana Woodford basin added two rigs, while the Utica added one.
Canada’s rig count continued to climb this week with a 10% increase of the total number of rigs, reaching 250 this week.
Brent and WTI post five-day mini V-shaped recoveries
After falling below $30 per barrel this week, both WTI and Brent crude oil are showing gains as the week comes to a close. WTI was up nearly 8% today at 2:00pm EST, while Brent gained more than 8% from open.
WTI Crude Oil 5-day Price
Brent Crude 5-Day Price
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