After an up and down week for crude oil prices, the U.S. rig count extended its upward momentum to make it six out of the last seven weeks in the positive. The total number of active rigs increased by seven rigs over last week to 447, according to date released today by Baker Hughes (ticker: BHI). Despite gains in the
Rig counts continue to climb while oil prices retreat After yesterday’s bottom fell out for oil and prices hover near the $45 per barrel mark, the U.S. rig count continues to increase. The total number of rigs actively drilling this week increased by nine to 440, according to information released from Baker Hughes Industries (ticker: BHI). Despite increases over the
Total U.S. rig count falls by three to 421 as oil prices struggle to stay above $50 per barrel After three weeks of slowly increasing, the U.S. rig count posted a loss for the week ended June 24, 2016. The total number of active rigs operating in the country fell by three to 421 this week, according to information released
U.S. rig count adds four to 408 Breaking a ten-month long decline, the U.S. rig count rose by four in the week ended June 3, 2016, according to information from Baker Hughes (ticker: BHI). The total U.S. rig count reached 408 today, sill down 53% from this time last year. The first increase in the rig count in 2016 was
Count of U.S. Working Oil Rigs Falls 2 Rigs to 316 The total U.S. rig count held steady this week for the first time in 2016 (last week of unchanged rig count was December 18, 2015), bucking the trend of continued decline. Oil rigs continued to decline, down -2 rigs this week, and 220 rigs year to date. Natural gas
As of last week, rig count is 78% lower than the previous low in 2010 Crude oil price and rig count have moved primarily in conjunction with one another over the years. Rig count has fallen 81% since the most recent high of 2,094 during Q3 2014. The recent average high oil price came in Q2 2014 at $103.06/barrel,
From Yahoo Finance Many traders are waiting for oil prices to crash again, as a rally triggered by the falling value of the U.S. dollar fizzles. They could be waiting a long time. “You could be at 50 or 60 [dollars per barrel] in 60 days,” famed oil investor T. Boone Pickens tells Yahoo Finance in the video above. “Supply
U.S. rig count hits 415 The rig count in the United States continued to decline last week, with Baker Hughes reporting just 415 active rigs. The active rig count for the week ended April 29, 2016, was down 16 rigs from the previous week, representing a 4% decline in overall active rigs, and the nineteenth consecutive week of declines. Rigs
Total U.S. rig count falls by 2% The total U.S. land rig count fell by 9 rigs for the week ended April 22, 2016, a decline of 2%. The majority of the rigs that were laid down this week were oil rigs, with a drop of 8 rigs formerly drilling oil and one drilling natural gas. Oil rig count in
Total U.S. rig count falls by 1% The total U.S. rig count fell by just three rigs in the week ended April 15, 2016, a decline of 1%. The three rigs laid down this week were all oil-seeking rigs, with the total number of oil rigs now at 351. The number of rigs targeting gas remained unchanged at 89. On
The rig count continues to fall as prices rise The U.S. rig count fell for the sixteenth straight week, according to information released by Baker Hughes (ticker: BHI) today. There are now just 443 rigs actively drilling in the U.S., seven less than BHI reported last week. The number of rigs targeting gas increased by one over the course of
$80 Oil + $4 NatGas + 1,300 Rigs Working After the news of the past few weeks, it felt like we were getting really close to the day when investors and oil industry spouses might be ready to throw in the towel. Then EnerCom’s 14th west coast investor conference unearthed something in the shadow of the Transamerica Building. By blending together a batch of
